Watch List notes:

Mexico City, Mexico, cob 2 reales, Philip III, assayer F, Grade 1, with tag only (certificate missing). KM-32.1 or 32.2. 5.98 grams. Choice full cross, full but lightly corroded shield, patchy toning, edge-split. With Fisher tag #4883. Santa Margarita, sunk in 1622 west of Key West, Florida

Estimate: $300-450