Watch List notes:

MOROCCO: Muhammad III, 1757-1790, AV 10 mitqals, Madrid, AH1201, KM-PnA1, Fr-4, Lec-1, minor scratches on obverse field repaired, otherwise much original luster, NGC graded About Unc details, RRR. This piece is among the first machine struck coins of Morocco. Authorization to produce this issue was granted January 13, 1787, under Sultan Muhammad III. Although listed in some references as a pattern, this issue was clearly intended for circulation. The production started September 22, 1787. A total of 10,000 pieces were struck from bullion stored in the city of Tangier. Although well executed, for multiple reasons this issue was destined for failure. The first reason was logistical, as the shipment arrived late, after the death of Muhammad III. The new Sultan Muhammad al-Yazid would not want to place these coins of the previous ruler into circulation. The coins also bear the name of the Madrid Mint in Arabic. This would compromise their acceptance among the Moroccan people as there was tension between the two countries. Nearly the entire mintage was recalled and melted down, and as few as 10 specimens are known to have survived.

Estimate: 10,000-15,000 USD