Watch List notes:

Toledo, Spain, 1 real, Ferdinand-Isabel, five dots in cruciform to left, mintmark T to right, with P countermark (for Panama[?]), rare. CT-411 (host). 2.81 grams. Bold full countermark on obverse of VF+ host with full inner details and nearly full crown and legends (Gothic lettering), toned in crevices.

Estimate: $400-600