Watch List notes:

GREAT BRITAIN. Great Britain - Mexico. 1/4 Dollar, ND (1797). George III. PCGS VF-30, Countermark: AU Details.
S-Unlisted; KM-Unlisted; Bull-1894; Kelly-pl. II #3. Authorized 9 March 1797. Countermark: Bank of England Type I, Bust of George III within oval indent. Applied to the obverse of a 1779-Mo FF Mexico bust 2 Reales of Charles III (KM-88.2). An EXTREMELY RARE denomination from this series that seldom appears on the market in any condition. The countermark is deeply impressed on a moderately worn host displaying rich old cabinet patina with areas of richer coloration amongst the devices and hints of iridescence. This handsome and charming survivor offers a pleasing appearance and much originality that is sure to catch the attention of many collectors.

Some sources suggest that only Dollars and 1/2 Dollars for the oval and octagonal countermarks were issued, while others state that during the countermarking action the record of account was done in bags of 1,000 ounces troy. According the E.M. Kelly, author of Spanish Dollars and Silver Tokens, states that of the sixty entries for Current Cash Account, totals for the day, twenty eight listed 1/2 Dollars and 1/4 Dollars. Other minor denominations bearing these marks are known such as 1 and 1/2 Reales, both of which are excessively rare. The 1/4 Dollar while significantly more difficult to obtain when compared to the Dollar and 1/2 Dollar, does appear from time to time. Since 2011 we have documented only two other examples to have come to market, with the present survivor being a known third.

Ex: Stack's Bowers Galleries Americana Sale (9/2011) Lot # 861.

Estimate: $1000 - $1500