Watch List notes:

Potosi, Bolivia, cob 8 reales, Philip II, assayer L (1st period), rare. S-P3; KM-5.1; CT-140 (under Lima). 27.40 grams. The first three assayers of Potosi--R, M and L--are rare in the 8R denomination, but with L it is important to distinguish between the issues that came before assayer B and those that came after. In fact there are really three types of L if you consider that in the second period we have issues with L under an erased B on 1st-period B dies followed by newly-engraved dies for 2nd-period L (distinct from all the previous issues by having heavier, looser borders of dots). The issues of 1st-period L have deep tressure-dimples in the quadrants of the cross, whereas all later issues starting with B have shallower dimples. To date we have identified five different die-varieties for 1st-period L, none of which are shown in Sellschopp and only one of which is in Paoletti (his #52, which has different lions from the present specimen). It is natural to assume that the earliest issues are always the roundest, broadest and most evenly struck, but that is definitely not the case. This lot just happens to be exceptional, with 100% full legends and crown and inner details (enabling full die-detail examination), well centered and with almost no doubling, XF for wear with no toning but also no corrosion or other surface alteration (also perfect weight)--in short, the perfect coin! Pedigreed to the Ponterio auction of March 1998 (lot #1461).

Estimate: $2000-3000