Watch List notes:

Potosi, Bolivia, cob 4 reales Royal, 1654E, •PH• at top, extremely rare (unlisted). S-P37a; Janson-unl.; KM-unl.; CT-unl. 13.41 grams. Choice full inner details and bottom half of legend all around (no doubling or weak spots), VF with toning around details, expertly plugged hole to left of cross, first specimen we have ever seen or heard of.

Estimate: $3500