Watch List notes:

Potosi, Bolivia, cob 8 reales, 1649 Z, rare. S-P34; KM-19a; Cal-1485. 25.79 grams. Choice specimen with bold full P-Z and denomination dot-8-dot flanking full but doubled shield, full but off-center cross with parts of full 1649 date in legend, Fine+ with deeply toned fields, light scratches. The weight is a little low, but at least the low-fineness problem had been fixed by 1649, generally speaking. XRF test results: 94.5% silver, 4.86% copper, traces of iron and lead. Pedigreed to the Jorge Ugaz collection.
($350-500)