Watch List notes:

Santiago, Chile, 1/4 real, 1792, Charles IV, no assayer or mintmark, encapsulated NGC AU 50, finest known in NGC census. Scarce issue with date below castle, lion on reverse, but nothing else (previously mistakenly attributed to La Rioja, Argentina, but now properly attributed to Chile due to the fact that the castle and lion match with punches used on Santiago 4R), beautifully toned and with prominent rims (the obverse slightly off-center), very rare grade for this fascinating type.

Estimate: $300 - 450