Watch List notes:

Panama, cob 1/2 real, Philip II, assayer P to right, assayer M below, mintmark AP to left of monogram, very rare, unrecorded die combination. S-AP1; KM-1; CT-720. 1.56 grams. Lightly toned XF with minor surface porosity, good full cross (with small lions) and monogram and crown, bold mintmark and assayer P (the M very weak), broad flan with lots of legend. Very few of these dual-assayer 1/2R are known, and this specimen does not match the die combinations of any of the three listed and shown in Proctor.

Estimate: $1500 - 2250