Watch List notes:

GALAPAGOS ISLANDS:KM-3, countermarked on Ecuador 1895 AR 2 decimos host coin, some light scratches, VF. There has always been controversy surrounding the Galapagos Islands "RA" or "AR" countermarks on Ecuadorian silver coins. One theory is that they were made by merchants, either Rogerio (Rogelio) Alvarado Villamar or Arthur (Arturo) Reed. Another theory is that they were used to pay prisoners. Please see NI Bulletin Volume 50 Nos. 11 / 12, November / December 2015.

Estimate: 100-150 USD