Watch List notes:

AZORES. Azores - Portugal. 2 Tostao (200 Reais), ND (1582). Angra do Heroismo Mint. Antonio I (the Prior of Crato). PCGS AU-50; Countermark: AU Details.
Gomes-An.26.01; Museu Numismatico Portugues-1992. Issued by decree of August 1582. Countermark: Falcon with shaped indent. Countermark applied to the obverse of a undated Lisbon mint Tostao of Manuel I. A SCARCE and seldom encountered issue. The countermark is deeply impressed, though slight obscured by the host design features, on a nicely preserved host coin. The surfaces are relatively smooth with minor earthen deposits adding to its originality and pleasing appearance. This piece has very little evidence of circulation and the rich gray surfaces give this interesting example an antiquated look.

Due to financial hardships and debasement of his coinage Antonio I issued the 1 April 1582 decree decreasing the value of copper coinage resulting in them being countermarked. Later in August of the same year, another decree was issued that raised the value of all gold and silver coinage of good weight and purity then in circulation, mostly of earlier Portuguese or Spanish origins, doubling their value. This was the easiest way to alleviate the monetary crisis, but copper coinage remained unchanged since there was no profit to be made. When later defeated by the Spanish, all debased coinage of Antonio I was confiscated under penalty of death, explaining their rarity today. Antonio fled to France and eventually to Holland seeking help to re-establish his throne, but failed to gain support and ended his days in France on a small pension.

Estimate: $1500 - $2000