Watch List notes:

Quarter cut of a Lima, Peru, 1/2 real, Philip II, assayer R (Rincon) to left. 0.54 gram. Fascinating piece (first example we have seen) that was effectively a "1/8 real" in its time (albeit a little heavier than an exact quarter cut should be, i.e., 0.43 gram or thereabouts), with most details clear in the space allotted, toned AVF overall.

Estimate: $100 - 150