Watch List notes:

GREEK COINS
Thraco-Macedonian Region

Macedonia or the Northern Aegean area, uncertain mint. c. 500 BC. Hemidrachm (Silver, 13mm, 2.75 g), Aeginetan standard. Crested Corinthian helmet to right. Rev. Quadripartite incuse square diagonally divided into eight compartments. Apparently unpublished and unknown. Seemingly unique. Rough, crystalized surfaces, especially the obverse, otherwise, very fine.

From the Höher collection.
This enigmatic coin, which seems to be hitherto unknown, is related to coins securely attributed to both Northern Greece and to the Aegean islands. The crested helmet is found on the reverses of coins of the Derrones (SNG ANS 933 ff.) and to issues of the Orreskioi (as Asyut 93); helmets without crests are more common and come from mints over a wide area. The segmented incuse square on the reverse turns up on early coins from Aegina, Phlious, Kartheia, Thera and Siphnos. This seems to indicate that we should look for our coin somewhere in the northern Aegean area, especially since the weight standard is likely to be Aeginetic.