Watch List notes:

Brazil, 20000 reis, Pedro II, 1853, loose beard, encapsulated NGC MS 63. Russo-673a; KM-unl. (cf. 468). Scarcer "Barba Solta" (loose beard) variety, albeit not noted inside the slab or in the census, but clearly a choice specimen, with original, orange-red, iridescent toning, perfect strike and ample luster, very minor bagmarks. Pedigreed to the New England Collection.

Estimate: $1750 - 2500