Panama(?), P countermark on a Seville, Spain, 1 real, Ferdinand-Isabel, special "crowned-F" issue for New World use, mintmark S on reverse, columns of three dots flanking shield on obverse, very rare. Host: Cal-447; Lopez de la Fuente-F8.5 var. 3.13 grams. Very deep and clear countermark (best we've seen) in middle of obverse of fully detailed host (even the legends are full) with contrasting toning, XF, the host alone with high catalog value, let alone with the rare countermark that is believed to stand for Panama.
Estimate: 1000 - 1500 USD