Watch List notes:

Panama, cob 1/2 real, Philip II, assayer P to right and assayer M below monogram, mintmark AP to left, extremely rare, ex-Richard Stuart, ex-Craig (1981), COAC 1988 Plate Coin, Proctor Plate Coin. S-AP2; KM-1; CT-720. 1.61 grams. Broad flan with nice full cross, full but doubled monogram and mintmark and assayer M, the assayer P somehow clean, much legend, richly toned XF, decidedly superior to the next lot and to lot #825 in our Auction #18 (all from the same dies). Reportedly unearthed in the 1970s by metal detectorist George Chevalier on the "Camino Real" mule trail in Panama. Pedigreed to the Richard Stuart collection and to the Freeman Craig auction of November 1981 (lot 442), also Plate Coin in Figure 2 of The Coinage of El Peru (proceedings of the ANS's Coinage of the Americas Conference, October 1988, in a presentation by Barry W. Stallard), and Plate Coin #HR.1PM on page 115 of The Forgotten Mint of Colonial Panama (2005), by Jorge Proctor.
($2500-5000)