Watch List notes:

Mexico City, Mexico, cob 8 reales, Philip III, assayer not visible, Grade 3, ex-Santa Margarita (1622), mounted cross-side out in thick silver bezel with 14K gold prongs and shackle bail and conquistador-head embellishment in addition to galleon on reverse. 27.93 grams total. Good full cross with nice toning, mounted in X shape to make for a nicely vertical oval shape (probably lightly rounded on edge to fit), the shield side corroded but completely covered by the galleon anyway. From the Santa Margarita (1622), with original Fisher tag and photo-certificate 6509 (misattributed to 4 reales).
($750-1100)