Watch List notes:

Madrid, Spain, cob 8 reales, Philip IV, assayer A below mintmark MD (vertical) to left (1650s), mounted in 14K gold pendant with swivel bail. 30.48 grams total. Deeply toned and chunky with deep but off-center strike, wrapped in thin, flat-sided gold bezel with three prongs and simple bail atop a soldered loop.

Estimate: $125 - $200