Watch List notes:

Panama, cob 1/2 real, Philip II, mintmark A to left and P to right (unique), no king's name in legends, NGC AU 53, finest and only example in NGC census. S-unl (cf. AP2); Cal-unl (Type 64); KM-unl (1 for type). 1.64 grams. Very important discovery coin, as it is a completely new variety missing in Proctor, with very clear mintmark split by the full but doubled monogram with full crown above, choice full cross-lions-castles, and just enough legend to see that neither side has the king's name, all boldly detailed and nicely toned. It is possible that the doubling has obscured an assayer M below the monogram, and it is also possible that the P to the right is an assayer and the engraver simply punched the A to left too low to allow for a P below it to complete the AP mintmark. As for the legends, notice that the monogram side says D.G.HISPANI and the cross side says D.G. ISPANIARVM with a backwards D, which seems to indicate an unintended marriage of dies from different engravers. The untrained eye could be excused for mistaking this coin for Potosi Philip II assayer A, and perhaps there are other examples out there so mislabeled, but the elements of design (particularly the crown and backwards D) are distinctly Panamanian, and for now this is the only one we know of.
($3000-6000)