Watch List notes:

HEPHTHALITE: Anonymous, ca. 486-490+, AR drachm (2.65g), G-, derived from Göbl-176 of Peroz, with normal winged crown of Peroz, no legends either side; unusual light weight, XF-AU, R. These drachms closely imitate issues of the Sasanian Peroz (457-484), both his second type (struck circa 460-474) and the abundant third type (474-484). Hephthalite invasions into Sasanian lands started about 474, again about 480, finally in 484, when Peroz was killed and most of Khorasan brought under Hephthalite control. Sasanian coinage at Marw and Herat ceased, not to be resumed after those cities were retaken by the Sasanians under Kavad I about 512. Peroz was ransomed during his defeat in the second battle about 482 for "30 mule packs of silver drachms", which must have become the standard circulation in Hephthalite territories, with large numbers found in Tokharistan countermarked with various local symbols. The common Hephthalite coinage of their own were imitations of Peroz type three, with four large pellets added to the obverse margin (Göbl-287/289, including several variants), most of which bear the mint name boxlo in the Baktrian script on the reverse in the standard position at the far right. We do not know when this series was introduced, but would guess at some time during the first right of Kavad I (488-497).A significant group of previously unrecognized type has recently been brought to market. The drachms are relatively close copies of Peroz drachms, both his second type (Göbl-171) and third type (Göbl 174 & 176). They lack the four large pellets in the obverse margin. The obverse may have no legend whatsoever, or a crude copy of the Peroz legend or completely meaningless script. The reverse may have the Pahlavi letter "M" as on G-171 and 176, often hopelessly engraved; some retain a very crude imitation of a Pahlavi mint signature. This type would have been introduced soon after the 484 conquest, perhaps after the ransom supply was dispersed and now coins had to be minted. An extremely rare example of this type bear a large star to the left of the king's crown, first introduced by Kavad I for his first type in 488. The rarity of the star type suggests that the production of this series ended not long afterwards, probably discontinued during the early 490s. Thus this series was only briefly struck only circa 486-490+.We should mention that a few examples of this newly reported type have in fact been known for a long time, published either as Sasanian Imitations or as poorly engraved examples of Peroz's normal type 2 and type 3 drachms.

Estimate: 80-120 USD