Watch List notes:

Manila, Philippines (under Spain), 8 reales, 1828 countermark (Type I) on a Lima, Peru, 8 reales, 1826 JM, very rare. KM-33; Cal-1303. Typically weakly struck XF, one side with MANILA above date and lined border design only partially covering the host's legend (that side possibly lightly cleaned), the other side with bolder crowned arms and less border but with (parts of) legend HABILITADO POR EL REY N.S.D. FERN. VII., also with more host details visible, including mintmark, denomination, assayer and date, that side also darker in tone, rather nice overall for this highly sought first crown-sized issue of the Philippines. It is worth noting that it was the lack of minting pressure and subsequent failure of the border design to efface the peripheral host details that this Type I striking was discontinued early on, which is why it is so rare. With NGC tag XF details / cleaned.

Estimate: $5000 - $10000