Watch List notes:

MEXICO: Carlos and Johanna, 1516-1556, AR 4 reales, ND-M (1541), KM-17, Calicó-74, assayer P, early series, dotted circles, steel-grey toning, NGC graded AU50, R. The authorization of the 4 reales denomination was given by Carlos on November 18, 1837. The denomination became very popular and was eventually issued in such numbers to make up 1/3 of the early silver coinage of New Spain.

Estimate: 1,500-1,700 USD