Watch List notes:

PHILIPPINES: Carlos IV, 1788-1808, AE quarto, 1807, KM-6, crudely struck as usual, scarce early date! Fine. According to Basso, there was no official mint in Manila at the time and most of the production of these was done by private Chinese contractors. They were done so crudely as to be often mistaken for counterfeits. Inverted and otherwise blundered letters in the legends are common.

Estimate: 60-80 USD