Watch List notes:

San Martin de Tezmelucan, Mexico, SM and VPB countermarks on a cast Mexico City, Mexico, bust 8 reales, Ferdinand VII transitional ("armored" bust), 1809TH, very rare, NGC XF details obv scratched, c/s AU standard. CT-622; KM-unl; CT-622. Two incuse oval countermarks with letters inside dots on either side of bust on host (well detailed for the manufacture), dull gray toning (slightly uneven), only the third example we have seen (and no other examples in NGC census), all apparently only on cast hosts. NGC #4740648-001.

Estimate: $350-500