Watch List notes:

Mexico City, Mexico, pillar 4 reales, Philip V, 1732, no assayer or denomination, extremely rare. KM-94; CT-1039. 5.67 grams. Very thin from heavy corrosion but with all details still clear (Fine details), and nicely toned around elements for good contrast, this variety of the first year of issue considered by some to be a pattern and mentioned in Gilboy (#M-4-1 var.) as "trial pieces, struck directly from the matrix sent from Madrid" and so rare that it is unpriced in KM (even the normal variety is listed at $2,000 in VG grade), but for comparison a salvaged VF from the David Gray collection sold in October 2014 (Ponterio) for $4,750 plus buyer's fee. From the Hollandia (1743), pedigreed to our Auction #8, with original lot-tag #1005.

Estimate: $400