Paraguay
Republic Cut Real ND (1865-1870) VF20 NGC, KM-Unl. Generally accompanied by a countermark for necessity during the War of the Triple Alliance, and cut vertically from a Bolivia 4 Soles (1853-1859) with a wavy edge, this makes for a rare opportunity to acquire such a fine example without the standard "Co" or "200" countermarks.
Ex. Whittier Collection (Heritage Auction #410, June 2006, Lot 17367)
https://coins.ha.com/itm/paraguay/paraguay-republic-cut-real-nd-1865-1870-vf20-ngc-/a/3094-35010.s?type=CoinArchives3094
HID02906262019
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Estimate: 1000-1200 USD