Watch List notes:

Visit of German Battleship S.M.S.Gazelle to New Zealand, 1875, struck in copper (28mm), by A.Teutenberg (Anton Teutenberg, Auckland) (M.1875/1). Extremely fine and extremely rare, one of the great highlights of the series.

Morel lists this medal with an R6 rarity but it is more likely an R7+, with only a few known. Ex Ian McCutcheon Collection, purchased privately in April 2014.