Watch List notes:

Caracas, Venezuela, copper 1/8 real (ochava), 1812, encapsulated NGC VF 30 BN, very rare. KM-C21. Even chocolate-brown color all over (no luster or red), good but slightly off-center strike, probably from a hoard of 23 pieces found in Colombia, of which 20 were from a previously known set of dies (one of which recently sold in Heritage for $7800) and the remaining three (including this coin) from a different and previously unknown set of dies (one of which sold in our Auction #13 for $5520) with rimless borders of dots, "19" (for 19 April, 1810, the date of Independence) within a seven-point star on the obverse, and the reverse with 1/8 above DE REAL above 1812 within a wreath of tulips. Underpriced in KM.

Estimate: $4000