Watch List notes:

MEXICO: Fernando VII, 1808-1821, AR 8 reales, ND, KM-194.2, Chihuahua Royalist issue, 1815 CaRP 8 reales (KM-111.1) struck over KM-123 with L.C.M. (La Comandancia Militar or La Caja Militar) countermark, a few weak details, much of original host visible, including the L.C.M. countermark and the two original control marks, rare host date, VF on crude VF host, R. According to Max Keech, the best known of the Royalist counterstamps is that of La Comandancia Militar (L.C.M.), used in Northern Mexico (Chihuahua and Monclova). These counterstamps were used from 1811 to 1814: The LCM counterstamp is quite rare on 1814 hosts, strongly indicating the counterstamp was discontinued early in that year. In fact, the few Royalist counterstamps of 1814 are all rare and Insurgent stamps are nonexistent. Therefore, the L.C.M. countermark is actually on the host, not the 1815 overstrike.

Estimate: 2,500-3,000 USD