Watch List notes:

Philippines (under Spain), 8 reales, crowned-Y.II countermark (1834-37) on a Mexico City, Mexico, cap-and-rays 8 reales, 1834 ML, NGC AU 55, c/s AU strong. Cal-668; KM-unl. Exceptionally bold, full and well-centered countermark, the host still somewhat lustrous, with natural rim-flaw at 9 o'clock, tied with three others for second finest in NGC census behind a single MS 61.
($500-750)