Watch List notes:

Brazil (Rio mint), 960 reis, Joao VI, 1822-R, struck over a Spanish colonial 8 reales, encapsulated NGC MS 63. KM-326.1; Russo-480. Nicely toned with underlying luster, traces of undercoin detail but not mint or date, tied for finest known in NGC census, better date (final year of type).

Estimate: $350