Spain (mint uncertain), cob 4 reales, Philip III, assayer not visible, mounted in hand-hammered 14K rose gold bezel with free-moving silver bail. 20.81 grams total. Well-detailed and full shield and cross, some minor edge corrosion, set in a custom "Talon setting," meaning the edge of the coin is exposed and the frame holds the coin like a bird-of-prey's talons (hand-carved and hand-hammered to fit).
Estimate: 250 - 375 USD