Mexico
Philip V 8 Reales 1732 Mo-F VF Details (Tooled) NGC, Mexico City mint, KM103. Possibly a sea-salvage piece, with the mentioned defects resulting from an attempt of improving the porous surfaces. Still wholesome and a worthy example of this legendary rarity, the first date and usually considered the key issue to the entire series.
Estimate: 1000-1500 USD