Watch List notes:

Potosi, Bolivia, cob 8 reales, 1647R (Ramirez), debased silver, extremely rare, ex-Faistauer. S-P31; KM-19a; CT-unl. 26.00 grams. This is probably the most exciting Potosi shield-type 8R we have ever handled, as it is virtually the "smoking gun" of the debasement scandal that resulted in a global crisis and the eventual execution of its perpetrators, most notably the assayer Ramirez, whose initial R stands out so clearly and boldly on this coin. In fact, almost everything on this coin is visible, particularly the full and bold date in the nearly full legend, in addition to the full shield and cross that are much more evenly struck than usual. Overall, the coin seems almost like a failed "Royal" striking, with no other Royals of this assayer known to compare it to. Perhaps most interesting of all, confirmed by its dull color and slightly low weight, is this coin's measured specific gravity of 9.49, which is closer to nickel (8.90) than to silver (10.50). Broad-flan VF, nicely toned, with desirable pedigree as well, and by our records a unique combination of date and assayer (as the only other 1647 8R known are T, TR or Z, with an additional specimen with clear Z/R dated 1648, the year Ramirez was officially replaced with Zambrano as assayer). Pedigreed to the Faistauer collection (Jess Peters, April 1976, lot #301).

Estimate: $5000