Watch List notes:

Lima, Peru, cob 4 reales Royal, 1731N, very rare. S-L21; KM-R33a; CT-964. 13.34 grams. Beautiful full inner details but no legends (as made, on a thick, round flan), XF with lovely toning all over, remarkable as unholed and without doubling, really a superb beauty overall. Lima Royals are among the rarest cobs (especially the 4R) and present a great contrast to the regular issues of this mint, for the Royals like this piece show full details on the pillars (typically fat and with huge flame-like crowns at top) and the cross with castles and lions (which look like hunched over monkeys with bulbous tails), data that is typically weak in places on non-Royals as struck over uneven surfaces (chunky flans). Pedigreed to the Santa Rosa de Lima collection and to the Christensen auction of June 1977 (lot #827) and to the Swiss Bank Corp. auction of September 1991 (lot #132).

Estimate: $4000