Watch List notes:

Potosi, Bolivia, cob 8 reales, 1653E, PH at top without dots, very rare.S-P37a; KM-unl (21 for type); Cal-unl.24.52 grams.Superb full pillars-and-waves, very slightly doubled above but with clear PH lacking the flanking dots (only the third we have seen among probably hundreds of 1653's), the full cross-lions-castles also nice (slightly doubled at top-left), all three dates and mintmarks and assayers in evidence, lovely toning, no corrosion except on very edge.Recovered from: Pillars and Waves

Estimate: 400-600 USD