Watch List notes:

Mexico City, Mexico, 4 reales, Charles-Joanna, "Early Series," assayer P to left, mintmark M to right (oPo-oMo, plain circles), right-leaning banner, very rare variety, ex-"Golden Fleece" (ca. 1550). Nesmith-21 (no examples known to Nesmith); CT-77; S-M4. 13.35 grams. HISPANIARVM variety. Bold XF with a couple flat areas and corrosion near part of edge but full legends and nice toning. Note P-M is much rarer than M-P. From the "Golden Fleece" wreck (ca. 1550).
($1500-2250)