Watch List notes:

Mexico City, Mexico, cob 4 reales, Philip IV, assayer D (ca. 1632), with 8R-sized castles and lions. S-M18a; KM-38. 13.89 grams. Very rare variety and the first we have seen with large, 8 reales-sized castles and lions on the reverse, the time period confirmed by exaggerated fleurs at the ends of the cross. Dark gray-toned XF with bold partial shield (slightly doubled) and strong cross.

Estimate: $150 - $225