Watch List notes:

GHENT: German Occupation, 2 franken, 1918, KM-Tn5, J-617 II, WWI issue struck in brass-plated iron, a wonderful lustrous example! PCGS graded MS64. German troops arrived in Ghent on October 12, 1914. As the capital of the Fourth Etappe area, a military zone comprising East and West Flanders and a small part of Hainault, the city was under direct military rule, which meant that life under occupation was even tougher here than in the rest of the country. On November 10th the German troops pulled out and on November 13th Belgian troops paraded through the streets of Ghent, and Albert, Elisabeth and heir to the throne Leopold made their solemn entry into the city.

Estimate: 175-275 USD