Watch List notes:

Mexico City, Mexico, 4 reales, Charles-Joanna, "Late Series," assayer S to left, mintmark M to right (S-M), very rare. Nesmith-unl; Cal-130; S-M8; KM-18. 13.27 grams. Unlisted in Nesmith, understandable since most examples are sea salvage (from shipwrecks discovered after Nesmith published his work), which this one is not, Hubbard's note on the accompanying envelope stating that it is unique (and at the time of his purchase it most certainly was). Sea salvage or not, any of the assayer-S 4 reales are very rare and keys to any Charles-Joanna collections. NGC did not grade it because of plated surfaces, nevertheless this is a lovely specimen, rather shiny with virtually full legends and interiors, some scratches on the shield side. Pedigreed to the Clyde Hubbard Collection of Mexican Charles-Joanna Coinage. Accompanied by original tag or holder.

Estimate: $3500 - $5000