Gibraltar
French Colony. 1/2 Bit (1761-64) VG 10 NGC, KM16. Heart shaped hole with ornamental edges punched out of Mexico 1/2 Real dated 1746. Formerly attributed as/and listed under Martinique.
Information from our September 2014 Lon Beach of a similar type (Auction 3035, Lot 33604): Formerly attributed to Martinique (as in KM) and Dominica (Pridmore pp. 308-309 transcribed an act of 1798 raising the value of the "Old Spanish milled dollar with a hole in the shapoe of a heart" from 10 to 11 bits), Heart shaped pierced coins of Pridmore type I and II are now solidly attributed to Gibraltar following Bob Lyall's research. It is probable that the Type IV cut, such as the present example, also originated from Gibraltar.
Estimate: 200-300 USD