Watch List notes:

Panama, cob 1/2 real, Philip II, assayers P and M, very rare. S-AP2; KM-1; CT-720. 1.61 grams. Broad flan with lots of legend and well-detailed full crown, bold full monogram with mintmark AP to left, weak but certain assayer M below and left side of assayer P to right, good full cross-lions-castles, XF with toning on fields. Die-match with Proctor-HR.1PM.

Estimate: $1000