Watch List notes:

Panama, cob 1 real, Philip II, assayer oX to right, very rare. S-AP1; KM-2; CT-646. 2.91 grams. Choice full shield and cross, bold AP mintmark to left and denomination-assayer I-oX to left, nearly full king's name in legend, nicely toned VF+ with very light old shaving around edge. Die-match with Proctor-1R.1X.

Estimate: $1500