Watch List notes:

PHILIPPINES. Philippines - Mexico. 8 Reales, ND (1832-34). Manila Mint. Ferdinand VII. PCGS Genuine--Chopmark, VF Details; C/M - XF Details.
KM-65; Basso-55; PNM#6-Not listed; PNM#16-93; PNM#21-VI-64; Cacho-Not listed; Gil-5-4-1-C. Type V Countermark, crowned F.7.0 within circular indent. Issued by decree of 2 October 1832, commencing 5 October 1832 until 20 December 1834. Countermark applied to the obverse of a 1821-Zs RG Mexico War of Independence bust 8 Reales of Ferdinand VII. A SCARCE host type, we have only six examples recorded for this date with two different crown varieties (5-4-1-C [5] and 5-4-!-B [1]). This attractive and moderately worn survivor exhibits a bold countermark with even wear. The surfaces display rich slate patina with brighter coloration atop of the devices complemented by an iridescent sheen that pops out when rotated in the light. This lovely looking example is pleasing to the eye with several interesting medium sized chopmarks.

It is interesting to note that chopmarked Spanish coins were placed into three classes determined by the amount of defacement and lose of integrity. Those found to be mostly intact and of good weight were categorized as Class I, set aside to be countermarked later and charged a 1% surcharge. While those that saw significate circulation and damage were included into Class II or Class III, which were only able to enter the country as bullion, subject to 2% import duties. The decree of 13 September 1831 states that those of Class I admitted to the Reales Cajas were to be charged a 1% countermarking tax. While those of Class II and III were deposited into the Real Aduana being charged 2% according to the bullion regulations. The decree goes on to state that the surcharge on insurgent coinage was being lowered to 1% making it equal to those of Class I Spanish coins.

Estimate: $1000 - $2000