Watch List notes:

Mexico City, Mexico, cob 8 reales, Philip IV, assayer P, cocooned in coral (as found). S-M19; KM-45. 29.96 grams total. Neat urn-shaped flan with entire cross side coated in gray-white coral, as is most of the shield side except (by chance) the assayer and a flat area at top where you can see an old (pre-encrustation) gouge in the deeply toned metal. Recovered from: Maravillas, sunk in 1656 off Grand Bahama Island.

Estimate: $350 - $500