Watch List notes:

GREEK COINS
Ionia

Ephesos, Phanes, c. 550-500 BC. Drachm (Silver, 11x14mm, 3.43 g). Bee; to left and right, coiled tendrils. Rev. Irregular incuse square. BMC 6. Karwiese Series V. Rosen 570. SNG Kayhan 114. Toned and struck in high relief on an irregular flan (as usual for this issue). Nearly extremely fine.

From the RRG collection, ex Hess 251, 7 May 1981, 78.