Watch List notes:

Puerto Rico, Tesoreria Nacional, 8 reales, 1813, series 1, serial 117154, certified PMG Choice Very Fine 35 Net / Pieces Missing, finest and only specimen in the PMG census. Pick-2a. Among the first notes authorized by Puerto Rico rather than Spain, these 8-reales notes are considered the predecessors to the Puerto Rican peso and represent the transition from circulating Spanish reales to a paper money-based system. Likewise, this note is an important artifact of Puerto Rican history which itself is closely tied with United States history. The central obverse design is a Paschal Lamb or Lamb of God, symbolizing John the Baptist and Christ. The reverse shows most of Charles IV's royal seal as the notes were printed on sealed paper to thwart counterfeiting. Earlier attempts at circulating notes led to massive counterfeiting and several cities discontinued their use before the sealed paper solution. Eric P. Newman's specimen, graded PCGS VF 30 Net / Edge Damage, Stains, sold for $5,640 (Heritage, October 2015) and, while on sealed paper, did not include the seal of Charles IV on the reverse and had numerous pieces missing. The present choice example is in much better condition with only the upper-left corner missing and a small hole in the lower left corner, and also the paper is white, unstained and has sharp edges. PMG certification number 5001417001. ($4000-8000)