Watch List notes:

Seville, Spain, cob 8 reales, Philip IV, assayer R below mintmark S to left, mounted in 14K gold pendant with swivel bail. 29.39 grams total. Predictably heavy coin with clear assayer R below less-visible S, toned and mounted in a thin, flat-sided gold-wrapped setting, three prongs, and simple bail atop a soldered loop.

Estimate: $125 - $200