Watch List notes:

Mexico City, Mexico, copper octavo (1/16 real), Ferdinand VII, 1814, NGC MS 62 BN. Cal-104; KM-59. Very bold strike, with deep dark toning over traces of luster, parts of rims slightly crude (as made), evidence of fibrous strike-through in obverse field, truly a choice example, in fact second finest in NGC census behind a single MS 65 RB. From a brief, late series of copper coins, this smallest denomination also known as a pilon but confusingly showing denomination as "1/8" for octavo, meaning neither 1/8 real (as stated on label) nor 1/8 tlaco (as stated in Calico, there also erroneously translated as 1/4 real) but in fact valued at half of a tlaco (the circulating merchant token at the time, valued at 1/8 real) or 1/16 real (Yonaka-M01C-114).
($500-750)