Watch List notes:

Mexico City, Mexico, pillar 8 reales, Philip V, 1733MF, mintmark M.X, small crown, no dot above assayers, encapsulated NGC AU details / saltwater damage / Rooswijk, extremely rare variety (possibly unique), ex-Gray. KM-103; CT-773. Broad flan with bold and sharp details (more like UNC details), the fields clean and even slightly lustrous but with corrosion in areas near the rims, some light toning around details. The first two years of this issue (1732-33) are heavily studied for varieties, as there appears to have been much muling in the transitions between assayers (F to MF) and mintmarks (oM to M.X and back to oM) and the crown above the globes (small [12.5 mm] to large [13.5 mm]), and so far as we can tell the present variety has not been recorded before (missing in Gilboy) and is possibly unique (the Stack's-Bowers and Ponterio pedigrees both misattributed this piece as the large-crown variety). For price comparison, a different (known) variety of the 8R 1733MF M.X in cleaned XF grade sold in Spink (London) in March 2015 for about $15,000 plus buyer's fee. From the Rooswijk of 1739 (Ponterio auction of March 2006, lot #172) and to the David Gray collection (Stack's-Bowers auction of October 2014, lot #483).

Estimate: $6000