Theodore I, Empire of Nicaea, AR trachy, Nicaea mint, 1208 AD. 

On the left, St. Theodore, nimbate and orans, standing facing, 
turned slightly to the right and, on the right, the Virgin, nimbate 
and orans, standing facing, turned slight to the left; between 
them, uncertain shield-like object; above, manus dei. 
On left, Theodore standing facing, holding labarum-headed scepter 
in his right hand and patriarchal cross on base and two steps in 
his left; on right, Christ, nimbate, standing facing, raising right 
hand to crown Theodore and holding book of Gospels in his left; to 
left and right of Christ’s head, 
DOC 1.2 (this coin). PP 1974, 1 (this coin). SB 2063. 

Extremely rare, the second example known. Toned, sharply 
struck and well-centered, a splendid coin. Good extremely fine.

Courtesy of LHS Numismatik AG, May 2006. Sold for 19,000 Swiss France. 

sb2063