Watch List notes:

BAVARIA: Ludwig III, 1913-1918, AR 3 mark, 1914-D, KM-1005, J-52, a wonderful lustrous mint state example! PCGS graded MS64. Ludwig served as regent and de facto head of state from 1912 to 1913, ruling for his cousin, Otto. After the Bavarian parliament passed a law allowing him to do so, Ludwig deposed Otto and became the last King of Bavaria.

Estimate: 70-90 USD