Watch List notes:

Lima, Peru, cob 8 reales Royal, 1709/8M, very rare. S-L18; KM-unl (type R34). 25.91 grams. Rather crude for a Royal (holed About Fine with traces of gilding) but with full inner details, the overdate (unlisted in KM and CT) clear on the date below the cross, strange crack in edge. (Estimate: $2500 - 3750)