Watch List notes:

Natural pearl, Grade 1B, 0.49 carat, ex-Santa Margarita (1622). Roughly 3 mm x 3 mm. Tiny blister of a pearl, iridescent white on rounded side, matte finish on flat side, from a find of 16,000 pearls that were distributed to investors and divers at prices around $2500 per carat! From the Santa Margarita (1622), with Fisher photo-certificate 83782-1063.
($200-300)