Watch List notes:

Popayan, Colombia, 1/4 real, 1826RU, mintmark below denomination, extremely rare (unlisted). Restrepo-47.1 (unl var); KM-unl (85.3 for type). 0.55 gram. Bold XF+ with parts of rims crude due to poor centering, lightly toned, an apparently unlisted variety (first we have seen) with the P mintmark BELOW the denomination 1/4 (as opposed to P above denomination) flanked by assayers R and U, no doubt a brief, experimental version in the first year of issue.

Estimate: $500-1000