Watch List notes:

MEROVINGIANS

Uncertain, possibly from the area around Paris, c. 600-675. Tremissis (Gold, 13mm, 1.09 g). Uncertain legend around a completely degenerated bust. Rev. +SNO... Croix ancrée with step above and pellet in each quarter. Apparently unknown. A mysterious and curious piece. Virtually as struck and extremely fine.

From the Cologny Collection.
I would like to thank M. Dhenin and A. Pol for their help with the identification of the Merovingian coins in this auction. Any mistakes are, of course, mine. This coin is particularly enigmatic: not only does the inscription make no sense whatsoever, the obverse type is so completely degenerated that it is virtually impossible to identify (it is probably a bust but it certainly could be a standing Victory!). In any event its publication here will at least allow others to have a chance to decipher it.