Watch List notes:

Madrid, Spain, gold 25 pesetas, Alfonso XII, 1883/2MS-M, with 18-83 inside stars, rare, NGC MS 64.Cal-86; KM-unl (687 for type).Strong luster and die-polish lines, light bagmarks, very faint toning, tied with one other for second finest in NGC census behind a single MS 65.
($700-1000)