Watch List notes:

PORTUGAL: Maria II, 1834-1853, AR cruzado, 1835, KM-403.2, a lovely lustrous mint state example! PCGS graded MS63. In 1688 the price of the gold and silver rose 20% and there was no time to withdraw and strike new circulating coinage. Therefore, by the Law 4 August 1688, the value of the silver and gold coins in circulation was increased by 20%. However, even approximately 150 years later, the denominations on coinage remained unchanged with the circulating coins having a value approximately 20% above the face value. Thus, the 400 réis marked value on this type meant that it would circulate at 480 réis.

Estimate: 150-250 USD