Watch List notes:

SASSANIAN EMPIRE. Hormizd V or VI, A.D. 631-632. AR Drachm (4.08 gms), WYHC (Treasury) Mint, Dated RY 2 (A.D. 631/3). NGC Ch EF, Strike: 3/5 Surface: 4/5.
Gobl Type-I/1; SC Tehran-4338; Paruck-478; Sellwood-Unlisted. Obverse: Bust to right wearing mural crown with frontal crescent, two wings and star in crescent; stars flanking headdress, crescent to right of bust; Reverse: Fire altar with ribbons and attendants; star and crescent flanking flames. A VERY RARE Drachm from this obscure ruler. An unusually complete example, this piece is struck on a full, broad flan without any clipping or graffiti. While plenty of strike weakness is observed on both sides, the details that do appear are crisp and fresh, with very limited evidence of wear. The surfaces are beautifully toned to a deep purple-gray with abundant brilliance all around. A barely-perceptible pinhole in the center, likely caused by the thin fabric, is noted for completeness.

Following the murder of Khusrau II in 628 in the aftermath of the destructive Byzantine-Sassanian War, numerous factions within the Persian nobility asserted claims for the Sassanid throne. Hormizd VI, believed to be the grandson of Khusrau, became one of several claimants and established a court at the city of Nisbis in 630. Unable to unite the noble families, his cause failed to gain traction and he was overthrown by 632, allowing Yazdegerd III to ultimately take control of the moribund Sassanian Empire. While Hormizd's coinage bears the mint name "WYHC", for the treasury at Ctesiphon, it is unlikely that the usurper ever controlled that city. It has therefore been hypothesized that the coins were either struck with stolen reverse dies of Khusrau II or are simply imitating the same.

Estimate: $300 - $600