Watch List notes:

PHILIPPINES. "Manila" Inscribed Peruvian Pillar 4 Reales, 1758-LM JM. PCGS Genuine--Graffiti, AU Details.
cf. KM-54; cf. Yonaka-L4-58. Engraved "Manila 1-1-98". A host coin that is well struck with incredible detail. The issue it self is VERY RARE according to Yonaka, who gives it an R2. Engraved in beautiful cursive in the fields between the pillars, with rich toning and some iridescence displaying in the fields.

It is difficult to determine exactly what is commemorated by the engraving, though this date and place would be at the precipice of much activity in the relations between Spain and the United States. On this date, Spain granted a form of limited autonomy to Cuba and Puerto Rico, leading to further conflict between Spain and the U.S. The USS Maine was sent to Havana in order to protect American interests, and was subsequently destroyed on 15 February. Just a few months later on 1 May, U.S. forces under Admiral Dewey blockaded Manila, eventually causing Spanish forces to surrender and the beginning of American administration of the islands. Perhaps a Filipino rebel, sensing the crumbling colonial rule of Spain elsewhere, engraved this coin in the hopes of some sense of autonomy reaching Manila as well.

Alternatively, this could be read as 1798, given the lack of circulation of the host coin. Of particular importance, the British led a false flag military operation in Manila Bay during January 1798 as a part of the French Revolutionary wars.

Estimate: $200 - $400