Watch List notes:

Quito, Ecuador, 1/4 real, 1862GJ, encapsulated NGC AU 58, extremely rare, finest known in NGC census, ex-Janson. KM-36. Boldly struck Mint State in our opinion (still finest known in NGC census), with deep rainbow toning over lustrous surfaces, good rims. Technically the same type as the 1849-56 issues, but the 1862 minors were actually emergency issues in deliberately debased fineness (0.666 fine, by decree dated June 11, 1861), for local circulation only (see The Strange Concurrence of Coinage in Francos and Reales in Ecuador from 1858 to 1862 by Jara and Seppa [2004]). Pedigreed to the Carlos Janson collection of Ecuadorian cuartillos (our Auction #9, lot #1526).

Estimate: $10000