Watch List notes:

ECUADOR, Republic. 1830-pres. Medal 1918 (Tin, 30 mm, 11.50 g, 12 h), on the Erection of the Statue of Independence in Guayaquil. Statue of Liberty and the four founding fathers of the city. Rev. INAUGURACION / DEL MONUMENTO A / LOS PROCERES DE LA / INDEPENDENCIA DE / GUAYAQUIL POR EL / COMITE EJECUTIVO / 9 DE OCTUBRE DE / 1918 on a pedestal. Extremely rare. Nicely toned. Good very fine.

This medal was likely distributed during the dedication ceremony for the monument and appears to have been struck in extremely limited numbers. It's notably absent from all major collections of South American medals.