Watch List notes:

Lima, Peru, bust 1 escudo, Ferdinand VII (small, draped bust), 1812JP, encapsulated NGC AU 55, rare. CT-282; KM-119. Bold strike, light red toning all over with underlying luster, old holder (at least AU-58 by today's standards), rare two-year type with small bust (supposedly a 1/2R punch). (Estimate: $2500 - 3750)