Watch List notes:

Cuzco, South Peru, 8 reales, 1837BA, FEDERACION, raised edge lettering, very rare. KM-170.1. 26.60 grams. Nicely toned XF, struck slightly off-center, with full lettering on edge, a variety for which KM says "5 known" despite populations of twelve at NGC and two at PCGS.
($1500-2250)