Watch List notes:

Oaxaca/SUD (Morelos), 8 reales, 1812, with Morelos monogram countermark, very rare issue in struck silver. KM-234a (host only, unlisted with countermark); CT-569. 28.42 grams. Perhaps the best known of the insurgent coinage during the War of Independence, the so-called "SUD" issue is rarely seen in struck silver (cast copper is the norm), rarer still with the stars-type Morelos monogram countermark (KM Type A) as we see here, both countermark and host no worse than XF (also lustrous) but unevenly struck, with crude old test-marks (to make sure the coin was not silver over copper) and/or adjustment marks all over, date weak but denomination bold.

Estimate: $1500