ETRURIA, Arretium (?), The Chiana Valley. Circa 208-207 BC. AE Quartuncia (5.34 gm). 

Head of an African right.
Indian elephant standing right, bell around neck; M below. 

SNG ANS 39-41; BMC Italy 19; SNG Cop 47; Robinson, NumChron 1964, pl. V; SNG Morcom 45; Laffaille 1. 

Sestini indicated their area of circulation in and around 
the Chiana (Clanis) valley and lake Trasimeno, dominated by 
the cities of Arezzo, Chiusi and Cortona.

The negro /elephant issue shares control marks with other 
Etruscan coins of the region, and has been suggested as being a moneyer’s badge or commemorative issue.

Triton V Sale, 15 Jan 2002, lot 2.
Lot sold for USD 1600.
Used by permission of CNG, www.historicalcoins.com