Numismatic Puzzle: The Anhaltinian Bear on a Tree

The piece from today’s puzzle comes from upcoming auction 422 by Künker:

No. 3390: Anhalt-Bernburg. Christian I, 1603-1630. 1621 silver medal in the shape of a klippe. From the Sonnenberg Collection. From Künker auction 6 (1987), No. 251. Extremely rare. Very fine +. From auction Künker 422 (2025), lot 3390. Estimate: 6,000 euros.

Have fun with the puzzle!