Watch List notes:

Lima, Peru, 1/4 real, Philip II, assayer R (Rincon) to left, legends HI / SPANIARVM. S-L1; KM-1; Cal-94. 0.80 gram. Broad flan that is fully intact and corrosion-free (especially rare thus), most of legends bold and full in addition to the centers, with very light toning all over, surely one of the finest extant.

Estimate: $1000 - $1500