Watch List notes:

COMMEMORATIVE MEDALS, WORLD MEDALS, Medals of the Axis, Germany, The Lusitania Medal and British Intrigues in Sweden, Bronze Medal, 1916, by Karl Goetz (1875-1950), Arthur Balfour (Prime Minister) shows the 'Lusitania Medal' to Winston Churchill whilst Goetz sketches behind, rev Scottish piper with banner relating to the medal, 57.5mm (Kienast 156A; Engstrom 2). Good very fine.
The medal suggests Balfour referred to the Lusitania Medal in a speech as part of an anti-German smear campaign in Sweden

Estimate: £150-200