Watch List notes:

Mexico City, Mexico, cob 1/2 real Royal (galano), 1725D, Philip V, extremely rare, NGC F 15, finest known in NGC census.S-M23a; KM-unl (R24 for type); Cal-unl (Type 51).1.57 grams.Slightly off-center strike but with full details and nicely toned on fields, extremely rare both for the type (as some 1725's are Louis I) and for the fact that it is unholed.Pedigreed to the Isaac Rudman Numismatic Cabinet.
($1500-2250)