Watch List notes:

Panama(?), P countermark on a Seville, Spain, 1 real, Ferdinand-Isabel, special "crowned-F" issue for New World use, three-dot columns flanking shield, mintmark S on reverse, very rare. CT-389 (host). 3.02 grams. Very bold and deep countermark (simple P with long foot) in center of shield, with resultant hairline crack to edge, host coin XF with choice full details (including legends), dark crusty toning on fields. This special issue with crowned F ("efe coronada" in Spanish) between arrows and yoke on reverse was made in Spain and exported to the New World but without any exact location specified.
(500 - 750 USD)