Watch List notes:

Panama, cob 1 real, Philip II, assayer oB to left, mintmark AP over denomination I to right, very rare, NGC AU details / environmental damage. S-AP4; Cal-236; KM-2. 3.33 grams. Fully detailed but slightly doubled shield lacking Aragon per the variety, with bold full A-P-I to right, left side of assayer oB to left, part of king's name in legend followed by an annulet (no ordinal), choice full cross-lions-castles (also doubled) with full tressure in typically rotated position (characteristic of this rare mint), nicely toned all over, with minimal surface porosity.

Estimate: $3000 - $4500