John III Ducas (Vatatzes), emperor of Nicaea, 1222-1254. Trachy (Billon, 28 mm, 2.86 g, 6 h), Thessalonica. Half-Length bust of Archangel Michael standing facing, nimbate, holding sword in his right hand and globus cruciger in his raised left. Rev. IⲰ John III enthroned facing, wearing loros and crown with pendilia, holding cruciform scepter in his right hand and akakia in his left; in upper field to right, manus Dei crowning the emperor. Lianta 445. SB 2124. Very rare. Boldly struck and with an exceptional reverse. Repatinated and with some doubling on the obverse, otherwise, good very fine.