Watch List notes:

Panama(?), P countermark on a Seville, Spain, 1 real, Ferdinand-Isabel, special "crowned-F" issue for New World use, five-dot crosses flanking shield, o and mintmark S on reverse, very rare.Host: Lopez de la Fuente-F8.7.3; Cal-444.3.03 grams.Broad-flan host with full legends and inner details nicely contrasted with toning (XF) but with some light surface porosity, the somewhat indistinct countermark deeply impressed into the upper half of the shield.
($500-750)