Watch List notes:

PHILIPPINES. Philippines - Mexico. 8 Reales, ND (1832-34). Manila Mint. Ferdinand VII. PCGS Genuine--Chopmark, VF Details, Countermark: VF Details.
KM-63; Basso-55; PNM#6-Unlisted; PNM#16-Unlisted; PNM#21-Unlisted; Cacho-Unlisted; Gil-5-4-1-C. Issued by decree of 2 October 1832, commencing 5 October 1832 until 20 December 1834. Countermark: Type V, crowned F.7.0 within circle. Applied to the obverse of a 1797-Mo FM Mexico bust 8 Reales of Charles IIII (IV) (KM-109). An elusive date for this mint, we have only one other example recorded. The countermark is deeply applied on a moderately worn host displaying light attractive gray tone with areas of iridescence near the edges. The last digit of the date is faint and barely visible due to an uneven strike. As indicated on the PCGS label numerous chopmarks, primarily consisting of small characters or punch marks, are noticed on both sides, but nothing overly distracting. Despite its shortcoming a handsome example of the type that is wholesome and pleasing to the eye.

Chopmarked Spanish coins were placed into three classes determined by the amount of defacement and loss of integrity. Those found to be mostly intact and of good weight were categorized as Class I, set aside to be countermarked later and charged a 1% surcharge. While those that saw significate circulation and damage were included into Class II or Class III, which were only able to enter the country as bullion, subject to 2% import duties. The decree of 13 September 1831 states that those of Class I admitted to the Reales Cajas were to be charged a 1% countermarking tax. While those of Class II and III were deposited into the Real Aduana being charged 2% according to the bullion regulations. The decree goes on to state that the surcharge on insurgent coinage was being lowered to 1% making it equal to those of Class I Spanish coins.

Estimate: $2000 - $3000