Watch List notes:

AZORES. Azores - Portugal. 2 Tostao (200 Reais), ND (1582). Angra do Heroismo Mint. Antonio I (the Prior of Crato). PCGS EF-45.
Gomes-An.26.01; Museu Numismatico Portugues-1992. Issued by decree of August 1582. Countermark: Falcon standing left within outlined incuse; all upon obverse of a Tostao of Manuel I. A SCARCE and seldom encountered issue, this specimen presents a rather well rendered countermark facing upward (with respect to the orientation of the host coin), with the host itself offering a deep gray tone and charming overall detail remaining. As such, a tremendous opportunity for the advanced collector of Portuguese colonial issues or countermarks more broadly.

Due to financial hardships and debasement of his coinage, Antonio I issued the decree of 1 April 1582, decreasing the value of copper coinage, which resulted in them being countermarked. Later, in August of the same year, another decree was issued that raised the value of all gold and silver coinage of good weight and purity then in circulation, mostly of earlier Portuguese or Spanish origins, thus doubling their value. This was the easiest way to alleviate the monetary crisis, but copper coinage remained unchanged since there was no profit to be made. When later defeated by the Spanish, all debased coinage of Antonio I was confiscated under penalty of death, explaining their rarity today. Antonio fled to France and eventually to Holland, seeking help to reestablish his throne, but failed to gain support and ended his days in France on a small pension.

Estimate: $1500 - $2500