Watch List notes:

Mexico City, Mexico, Empire of Mexico, small-size 1 peso, 1-1-1823, serial 49,100, PMG Choice UNC 64. Frampton-M10c; Olson-10; SCWPM-1c. Very desirable pen-cancelled note that is much scarcer than cut-cancelled examples, the cancellation reading, "Ynutilzado / Oaxaca 16 de Mayo de 1825." Well centered with heavy embossing and good paper quality. PMG #5001878-002.

Estimate: $500-750