Watch List notes:

Brazil (Rio mint), 960 reis, Pedro I, 1824-R, struck over Mexico City, Mexico, "hookneck" 8 reales, 1824 JM, very rare, NGC MS 63 (Mexico Hookneck Label). Russo-505; KM-368.1; DP-Mo02 (host). An example of the rare but occasional occurrence in which the overstrike legend is partially "cancelled" by the strength of the undercoin details, as this coin shows a full and clear date and assayer 1824.J.M. at about 7-8 o'clock on the obverse, followed by the host's fineness 10 Ds 20Gs in such detail that you can easily miss the faint 1824 R date and mintmark of the overstrike (the NGC label, in fact, says 1824-7 without mint), but it is there! Indeed it is the undercoin that is more important, however, as the position of remnants of the host's rays above the assayer and fineness confirm the host is actually a Mexico City "hookneck" 8 reales, which is scarce but very popular in itself, and only the second we have ever seen with a Brazilian overstrike (the other with host date 1823). It is also perhaps remarkable that a Mexican coin struck in the early part of 1824 (as the new "profile eagle" type followed with the same date) would have been overstruck in Brazil in the same year. In any case it is also a nice coin, with light radial toning in rainbow colors over ample luster, a desirable trophy for Brazilian and Mexican collectors alike. NGC #5979561-038.
($1000-2000)