Watch List notes:

Brazil, 1000 reis, 1911, "capped die" error, very rare. Russo-691; KM-507. 9.80 grams. Fascinating mint error caused by the failure of a struck coin to eject (stuck to hammer die), resulting in that coin "cupping" around the die, distorting and spreading out the metal with each subsequent blow, usually to the point that the edge splits apart in dramatic fashion. Such a piece then becomes a "negative die" for subsequent blanks, causing brockage strikes on those coins. Brockages are far harder to detect during quality control, whereas a "capped die" error is egregious and usually destroyed by the mint. (For an excellent summary of this error in Spanish, known as a "tapa de cuno," see the recent book by Argentine numismatist Ariel Dabbah, Errores de Acunacion [2017], page 69.) This particular example is noteworthy for the fact that the edge has remained intact, and also the full reverse design is visible along with just enough of the spread-out obverse to see the central bust of Liberty and the faint date below, not circulated of course but technically VF or so for handling (also lightly toned with blank strip in toning where tape was removed). Pedigreed to the Ponterio auction of February 1984, with original lot-tag #224.
(200 - 400 USD)