Watch List notes:

Lima, Peru, 2 reales, Philip II, assayer R (large) to left (Rincon), motto as PL-VSVL-TR(?), legends HISPAN- and -NIARVM. S-L1; KM-8; CT-482. 5.79 grams. Broad-flan XF with nearly full and bold legends, full but partially weak inner details, toned fields, minor surface porosity. The large-R assayer-mark appears to be a punch for a 4-reales die.

Estimate: $400