Watch List notes:

SPANISH COLONIES: Carlos IV, 1788-1808, AR ¼ real, ND (1794-5), KM-4 (Philippines), AC-142, type without date or mintmark, VF, R. This piece in the past has been attributed to the Philippines, but new documentary evidence shows that this type was minted at the mints of Guatemala, Santa Fe de Nuevo Reino, and Potosi in 1794 and 1795.

Estimate: 160-220 USD