Mexico City, Mexico, 4 reales, Charles-Joanna, "Early Series," assayer P to right, mintmark M to left (M-P), left-leaning panel, HISPANIARET in legend, NGC AU 50. Nesmith-26 for type; CT-74 type; S-M4. A well-toned, deeply struck example of an early P transitional design with spelling errors of HISPANIARET (transitioning from HISPANIE ET to HISPANIARVM ET) and REGE/X (transitioning from REG to REX) and only found on coins with M-P and a left-leaning panel, the coin also bearing unusual ornaments between letters on both obverse and reverse, four-petaled flowers (obverse) and cross potents with annulets in each corner (reverse), a high grade for any coin of this series. NGC #3157790-016.
Estimate: $1750-2500