Watch List notes:

Panama, cob 1/2 real, A to left, P to right, assayer not visible (or non-existent) below monogram, no king's name in legends, extremely rare. S-unl (cf. AP2); Cal-unl (Type 64); KM-unl (1 for type). 1.53 grams. Broad flan with much legend and nearly full crown, full but doubled monogram and cross-lions-castles, toned XF with light surface porosity, only the second specimen known with mintmark split into A left (clear) and P right (very weak) and without any apparent assayer below the monogram or room for an M (as was postulated for the discovery example in Sedwick Auction 30), and with different obverse legend from known assayer M specimens anyway, in fact lacking the king's name, with D.G.HISPANI (normal D) on that side and with D.G.ISPANIARVM in reverse legend (backwards D), possibly indicating a muling of dies from two different engravers. (Note: According to Jorge Proctor there is a weakly engraved M below the monogram.)
($2500-5000)