Watch List notes:

Madrid, Spain, gold 25 pesetas, Alfonso XII, 1880(80) MS-M, PCGS MS64 Prooflike, finest known in PCGS census. Cal-79; KM-673. With deeply mirrored fields and nearly frosted details (and only trivial tiny bagmarks), this is the sole example of this date designated as Prooflike by PCGS (with none so designated at NGC, whose highest grade is MS 66).

Estimate: $400 - $600