Watch List notes:

Paraguay, 1 real, irregular 1/4 cut (War of the Triple Alliance, 1865-70) of a Potosi, Bolivia, 4 soles, with countermark "1" in rounded hexagonal field of horizontal lines. Pratt-MR2. 2.56 grams. Bold full countermark (XF) below (B)OLIVIA on host (flat on other side), lightly toned with a couple black spots on reverse, scarce and important emergency issue from the 1864-70 war that pitted Paraguay against the Triple Alliance of Argentina, Brazil and Uruguay.

Estimate: $300-450