Watch List notes:

Potosi, Bolivia, cob 1/4 real, Philip IV, no assayer, shield around checkerboard-style castle, small lion without shield, very rare, ex-Ugaz. KM-unl; Cal-unl. 0.55 gram. Full castle in a style not seen on larger coins until the 1630s and 1640s, full small lion in full border of dots, salvaged VF with toned fields. This type was unknown until 2015 when this specimen was sold by us as "possibly unique," just one other surfacing since then, both coins selling in four figures. Documentary proof that these coins were made under Philip IV can be found in a Kurt Dym article from December 1997 (Gaceta Numismatica 127) citing a 1644 edict from the treasurer (mistyped in the article as 1664) saying that "se labre moneda menuda de Reales de a quatro, sencillos, de a dos, medios Reales y cuartillos" ("small coins of 4, 1, 2, 1/2 and 1/4 reales are made"). Pedigreed to the Jorge Ugaz collection and to our Auction 18 (lot 673).
($500-1000)