Watch List notes:

Potosi, Bolivia, cob 4 reales, Philip II, assayer C below erased B, very rare, NGC VF 35, finest and only example in NGC census. S-P5; KM-4.2; Cal-524. 13.71 grams. Choice specimen with full and bold shield and cross-lions-castles, full P-erasure C with some evidence of the B inside the erasure, much legend and crown, the fields nicely toned but with some black encrustation in places. While this rare issue (once attributed to La Plata in error by Sellschopp, who did not have any 4R examples) shows the "dancing" lions of earlier assayers, the overall style is closer to 3rd-period B than to 2nd (note the "boxy" shield and heavier dots), so we believe the erased letter is just B without any complication with assayer L (or especially M). Pedigreed to the Jorge Ugaz collection (stated on label) and to Sedwick Auction 24 (lot 779).
($1250-2000)