Watch List notes:

Panama, cob 1 real, Philip II, assayer oB to left, mintmark AP above denomination I to right, no Aragon in shield, very rare, ex-Rubies, ex-Sellschopp, ex-Richard Stuart, Plate Coin in Numismatist and ANE, KM Plate Coin, Proctor Plate Coin. S-AP4; KM-2; CT-647. 3.29 grams. Perfectly round flan with choice full cross and shield, minimal legend, full assayer and mintmark and denomination, nicely toned XF, unique die with large castles on reverse, the lack of Aragon in the shield probably indicative of the temporary nature of this ephemeral mint. Pedigreed to the J. Rubies collection (Monterrey, Mexico) and the Sellschopp collection (Swiss Bank Corp. auction of September 1988, lot #455) and the Richard Stuart collection, also Plate Coin in the Gaceta Numismatica (ANE) articles of March 1974 (page 32) and June 1989 (page 60) and The Numismatist article of June 1990 (page 918), also Plate Coin on page 440 of Spain, Portugal and the New World (2002), by Krause-Mishler, and Plate Coin #1R.3B on page 127 of The Forgotten Mint of Colonial Panama (2005), by Jorge Proctor.
($2500-5000)