Watch List notes:

Paraguay (War of the Triple Alliance), 1 real, countermark retrograde "S" inside toothed oval (1865-70) on a wavy-edge 1/5 cut of a Bolivian Republic 4 soles of the mid-1800s, very rare, NGC Good 6, c/s VF standard. Pratt-MR8; KM-unl. 2.62 grams. Sharp and neatly undulating cut with bold and nearly full countermark (atypically in retrograde, the exact meaning of the letter unknown) with several intentional slashes (metal tests?) on that side, not much host detail, richly toned all over, one of the rarest types of emergency issues from the war against the Triple Alliance of Argentina, Brazil and Uruguay in 1865-70.
($700-1000)