CNG 105, Lot: 531. Estimate $5000. Sold for $3000. This amount does not include the buyer’s fee.

KHWAREZMIA. Biwarsar I. Second quarter-mid 4th century AD. AR Drachm (29mm, 9.17 g, 1h). Diademed and crowned bust right, with ear flap and decorated with crescent; all within bead-and-reel border / V=V and bywrsr mlk’ in Khwarezmian, king on horseback right; tamgha to left. Vainberg Б2 VII, example а = Coins of Khwarezm, Kh21 = Gorny & Mosch 207, lot 453; Zeno –. VF, toned, smoothed. Extremely rare.

Ex Spink China 14010 (18 January 2014), lot 1701.