Watch List notes:

UNITED STATES: AR 25 cents trade token, VF, RF countermarked within a rectangular indent on Spanish Colonial "pillar" or "columnario" type 2 reales, pierced, S. Rufus Farnam (b. 1769; fl. 1796-1833), a Boston (USA) silversmith, was responsible for this countermark. It was undoubtedly an advertising initiative.

Estimate: 100-150 USD