Watch List notes:

Quito, Ecuador, 1/4 real, 1842MV-S, coin alignment, encapsulated NGC VF Details / environmental damage, extremely rare. KM-26. Bold strike with nice details but lots of copper-colored oxidation all over due to low-grade silver (as made), still superior to the Janson specimen (our Auction #9, lot #1516). One of the rarest coins in the world for this popular (if diminutive) denomination, and from a highly collected country and time period, this date represented by no more than 6-7 specimens. The decree to start making 1/4R in Ecuador was dated in September of 1842, so they were not struck with this date for very long, and a decreed fineness of only 0.333 silver probably drove the coins out of circulation pretty quickly anyway.

Estimate: $7000