Mexico City, Mexico, 4 reales, Charles-Joanna, "Early Series," assayer R, PLVS in rounded panel, NGC AU 50. Nesmith-6c/6a; Cal-115; S-M1; KM-16. 13.32 grams. An excellent example of the last of the rounded-panel coins to be struck before the use of a rhomboid panel, all Latin lettering including the assayer-mark R, retrograde N in legends, choice rich toning with bold full details, slightly off-center strike, minor doubling on shield. NGC # 5968036-002.

Mexico City, Mexico, 4 reales, Charles-Joanna, "Early Series," assayer P to left, mintmark M to right (oPo-oMo), panel leaning left, HISPANIE, very rare, NGC AU 53, ex-Rudman. Nesmith-21; Cal-77 type; S-M4; KM-17. One of the earliest types of assayer-P coinage, the P-M in the 4 reales was unknown to Nesmith (although he gave it a number in case one was ever found). Hallmarks of its early time period are the use of K in place of H, double rondules-in-annulets as stops between words, and HISPANIE in the pillars legend. Broad flan with complete legends and choice full inner details, richly toned with hint of original luster, one of only two known for this exact die-variety and technically second finest for the type in the NGC census behind a single AU 55 (note that NGC has two categories for the same thing: "OPOOMO DOTTED CIRCLES" and "P M DOTTED CIRCLES"). NGC #4173181-022. Pedigreed to the Isaac Rudman Numismatic Cabinet. (Note: Printed catalog calls this finest known in NGC census in error.)

Mexico City, Mexico, 4 reales, Charles-Joanna, "Late Series," assayer G to left, mintmark M to right, king's name as CHAROLVS, motto as PLV-SoVL-TRA, unique, NGC MS 63 ("top pop"). Nesmith-46b; Cal-128; S-M5; KM-18. 13.39 grams. Extremely rare variety with SoVL and IN : DIARVM (only found in combination), very broad flan that extends past the outer borders, 100% full legends and choice full inner details, lightly gray-toned all over, exceptional grade, tied with one other for finest known among 27 currently in the NGC census. NGC #5711887-005.

Mexico City, Mexico, 4 reales, Charles-Joanna, "Late Series," assayer G to right, mintmark M to left (M-G), king's name as CHAROLVS. Nesmith-50b; Cal-125; S-M5; KM-18. 13.25 grams. Nearly full legends and choice full inner details in XF grade with attractive rich toning all over.

Mexico City, Mexico, 2 reales, Charles-Joanna, "Late Series," assayer G to right, mintmark M to left (M-G). Nesmith-49 for type; Cal-93; S-M5; KM-12. 6.77 grams. Nicely toned XF with choice full inner details and nearly full legends, desirable natural surfaces.

Mexico City, Mexico, 2 reales, Charles-Joanna, "Late Series," assayer G to right, mintmark M to left (M-G). Nesmith-49d type; Cal-93; S-M5; KM-12. 6.79 grams. Broad-flan AU with nearly full legends and choice full inner details, hints of luster, minimal toning (just around details).

Mexico City, Mexico, 2 reales, Charles-Joanna, "Late Series," assayer A to right, mintmark M to left (M-A), NGC AU 50, ex-Rudman (stated on label). Nesmith-57b type; Cal-97; S-M6; KM-12. 6.8 grams. Unusually bold strike with full legends and inner details, some luster, hint of toning around details only, scarce assayer in this denomination. NGC #2789229-032. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, copper 4 maravedis, Charles-Joanna, "Late Series," no assayer (G), M to left on obverse, king's name as CHAROLVS, NGC XF 40 BN, finest known in NGC census. Nesmith-1; Cal-28; S-M5; KM-3.1. Dark in color as usual but rather atypically smooth and corrosion-free, with choice, bold and full details, the best of just four of the type with numeric grades at NGC. NGC #5965274-001.

Mexico City, Mexico, copper 4 maravedis, Charles-Joanna, "Late Series," no assayer (G), M to right on obverse, king's name as CAROLVS, rare, ex-Rudman. Nesmith-9a; Cal-27; S-M5; KM-3.2. 5.49 grams. Broad flan with full details including legends (rare thus), VF for wear but with typically corroded surfaces, attractive light brown color. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, cob 8 reales, Philip II, assayer F, with pomegranate-like ornament for o in mintmark. S-M12; KM-43; Cal-664. 27.35 grams. Thick, round flan with full cross (lions "C") and shield, the latter flanked with bold full oMF with stem atop the o and denomination 8, Fine+ with minor edge-crack, well-centered and lightly toned in crevices only.

Mexico City, Mexico, cob 8 reales, Philip II, assayer F-oD, with oM-F to left and 8-oD to right, rare, NGC VF 35, finest and only example in NGC census. S-M14; KM-43; Cal-666. 26.61 grams. Choice full oMF and 8-oD flanking full shield, bold full cross-lions-castles (lions "D" but single-base castles), traces of toning. Advanced study shows that this variety is Philip II whereas another variety with 8-F to left and oMoD to right is Philip III (both rare and desirable as a brief and unexplained "double assayer"). NGC #6271337-002.

Mexico City, Mexico, cob 8 reales, Philip II or III, assayer F. 25.23 grams. Unusually broad flan with flat peripheries, nearly full shield and cross (lions "C"), full assayer F of a strange design (non-standard punch), toned About Fine.

Mexico City, Mexico, cob 8 reales Royal (galano), 1613 F, extremely rare, NGC VF details / mount removed, plated, ex-Rudman. S-M17; KM-R44.3; Cal-unl (Type 160). 26.60 grams. Impressively broad flan (typical of early Royals), with 100% full and evenly struck details, faint traces of gilding, attractively contrasting toning in crevices. The NGC capsule makes it impossible to see the stated mount removal, but what is more important is that this coin was apparently never holed (even though it would have been a great candidate, since the two sides are in perfect coin alignment), which makes it very rare for any Royal. Also, while Philip III Royals are already rare as a type, to our knowledge this may be the only clean-date 1613 in existence, as the only other example (cited in Lazaro and Calico) is 1613/2. That overdate coin is rated by Lazaro as RU (unique), and it shares the same reverse die as the present clean-date example. An important coin for the consummate collector of Mexican Royals! NGC #2789248-008. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, cob 8 reales, 1613 F, rare. S-M17; KM-44.3; Cal-898. 26.94 grams. Full cross and shield, clear oMF and bottom half of 13 of date, non-toned Fine with a couple natural pits and peripheral flatness.

Mexico City, Mexico, cob 8 reales, 1615/4 F, very rare, NGC AU 58, finest and only example in NGC census. S-M17; KM-unl (44.3 for type); Cal-unl (Type 162). 27.52 grams. Broad and typically concave flan with choice full shield and cross, bold full denomination 8 and date with last digit doubled but confirmed by distinctive lions on reverse that began in 1615 (see Lazaro #40 for a 1615 Royal with the same lions), choice grade, no toning, minor edge-splits. Note: This is not just the only 1615/4 8R in the NGC census but is also the only non-Royal 8R in the census for the whole date-range of 1613 to 1616 (and none at PCGS for 1612-1616). NGC #6271337-001.

Mexico City, Mexico, cob 8 reales, 1638 P, rare, ex-Pullin. S-M19; KM-45; Cal-1326. 26.59 grams. Full oMP and 38 of date, also full shield and nearly full cross, but all rather worn (AVG), with much peripheral flatness, tiny old test-punches on reverse, rare as non-salvage. Pedigreed to the John Pullin collection (Sedwick Auction 7, lot 772).

Mexico City, Mexico, cob 8 reales, 1656 P. S-M19; KM-45; Cal-1360. 27.30 grams. Choice 100% full date and oMP, nice bold cross and nearly full shield (off-center), attractively toned VF with some peripheral flatness (lightly scratched on reverse) and natural edge-crack.

Mexico City, Mexico, cob 8 reales, Charles II, assayer L, very rare error as struck from 4R dies (denomination visible). S-M21; KM-unl (46 for type); Cal-unl (Type 108). 27.03 grams. Typically rectangular flan with most of shield and cross but little else except for the all-important denomination 4 to right, lightly struck VF with peripheral flatness, no toning.

Mexico City, Mexico, cob 8 reales Royal (galano), 1706 J, extremely rare, NGC XF details / holed, ex-Rudman, Lazaro Plate. S-M22; KM-R47; Cal-1363. 25.65 grams. Impressively large and evenly struck with fully details, like most Mexican Royals, with light toning on fields that display strong metal-flow lines, typically holed at the top (medal-aligned). Lazaro rates this very coin as RU (unique), and we can find no other examples, and also points out that the second I is missing in INDARVM. Clearly a unique opportunity for the advanced collector. NGC #2789248-008. Pedigreed to the Isaac Rudman Numismatic Cabinet, Plate Coin on page 117 of Lazaro's Los redondos de Lima, Mejico y Potosi y otras acunaciones especiales (1996).

Mexico City, Mexico, cob 8 reales Royal (galano), 1714J, very rare, NGC VF details / holed. S-M22; KM-R47; Cal-1367. 26.52 grams. Extremely broad flan that extends WELL past the outer borders (smaller-format design than previous issues, but also a much thinner flan than other examples), all details full and evenly struck, obverse die-match with Lazaro #69 (rated R4), with lovely gunmetal toning all over, a distinctive example with four crude holes (one at each end of the cross) that was in hiding when we sold another 1714 just this May and stated that only four were known (now the population is five, in addition to one non-round "pseudo-Royal" from the same obverse die) made from three different reverses, this one being the variety with upright flower at top of reverse. NGC #4666499-001.

Mexico City, Mexico, cob 8 reales Royal (galano), 1715 J, rare, NGC AU details / plugged, whizzed. S-M22; KM-R47; Cal-1368. 26.65 grams. Typically round and evenly struck, with all details full and technically high grade, patchy light toning on fields, the crown and ornament on top of reverse (medal-aligned) recreated after plugging the inevitable hole (still faintly visible), one of only a handful of 1715's known (die-match with Lazaro #70, R3), all quite elegant and impressive and sure to be popular with 1715-Fleet enthusiasts. NGC #5961187-001.

Mexico City, Mexico, cob 8 reales, 1722 J, rare. S-M22; KM-47; Cal-1410. 26.17 grams. Rectangular flan with full final 2 of date, nearly full oMJ, most of shield and cross but with slightly crude surfaces as from unspecified salvage (probably Akerendam of 1725), still solid and nicely toned.

Mexico City, Mexico, cob 8 reales Royal (galano), 1728/6/5 assayer D, PHILIPPVS/LVDOVICVS, unique, NGC XF 40, ex-Rudman, ex-Rooswijk (1739). S-M23a; KM-unl; Cal-1381 (overdate not listed). 26.06 grams. The final 8R Royals of Mexico, struck from 1725 to 1730, are all extremely rare (most are unique), and it is only from the reappearance of known specimens onto the market that we have been able to carefully study them (since photography was not as good before) and determine that they were all struck from an obverse die originally engraved in 1725 (the exception being 1727, which for whatever reason was struck from a clean, new die that was either discarded or skipped when the 1728-30 coins were made). Our last auction in May showcased the finest of them, clearly showing the multiple overdate 1730/28/5 and over-assayer R/D, in addition to the re-engraving of the king's name and ordinal from LVDOVICVS I to PHILIPPVS V, incidentally preserving the oddly spaced double ornaments flanking the ordinal, per Lazaro #90 under Louis I, dated 1725. The current example, currently unique and presumably the immediate predecessor to the 1730 coin just mentioned, as it shows the overdate as 1728/6/5 and no over-assayer (this date not listed in Lazaro), has the additional distinction of being one of very few Royals found on shipwrecks (this one, in fact, the only example from the Rooswijk of 1739). All details are typically full and evenly struck on a perfectly round flan with medal alignment, deeply toned and probably Uncirculated when sunk, the surfaces not lustrous or pristine but thankfully not corroded, and also not holed, as it surely would have been if it had circulated over the centuries instead of resting at the bottom of the sea. NGC #5961044-001 (Shipwreck Blue Label). Pedigreed to the Isaac Rudman Numismatic Cabinet, from the Rooswijk (1739) and to the Ponterio "Rooswijk" auction of March-April 2006 (lot 39).

Mexico City, Mexico, cob 8 reales, 1730 R. S-M24; KM-47a; Cal-1416. 27.18 grams. Full date and oMR, nearly full shield and cross, the surfaces a bit dusty and low in contrast (a few green spots) but technically no worse than AXF.

Mexico City, Mexico, cob 8 reales, 1730 R. S-M24; KM-47a; Cal-1416. 26.87 grams. Bold cross, most of shield and full oMR, bottom half of date, low-contrast VF with flat and lightly marked peripheries.

Mexico City, Mexico, cob 8 reales, 1730 G/R, rare. S-M25; KM-47a; Cal-1419. 27.32 grams. Very bold full date and oMG with fairly clear G/R, choice cross (nearly full), peripheries flat but technically no worse than XF for actual wear, sharply cut squarish flan with distinct points, small natural lacuna near edge on obverse, lightly toned.

Mexico City, Mexico, cob 8 reales, 1730 G, ex-Kent Ponterio, ex-Rudman. S-M25; KM-47a; Cal-1421. 26.95 grams. Square flan with full oMG and date, frosty surfaces indicative of high grade (probably AU) but weakly struck and with typical peripheral flatness, hairline edge-crack and large natural lacuna near edge on reverse. Pedigreed to the Isaac Rudman Numismatic Cabinet and to the Kent Ponterio Collection (Ponterio auction of January 2011, lot 16), also to Sedwick Auction 24 (lot 701).

Mexico City, Mexico, cob 4 reales, Philip II, assayer O below mintmark oM to left, denomination o-IIII to right. S-M11; KM-36; Cal-505. 13.60 grams. Uneven strike with mostly bold legends, including a full PHILIPPVS II, full but partially flat cross and shield, VF with deeply toned fields.

Mexico City, Mexico, cob 4 reales, Philip II, assayer O below mintmark oM to right, denomination o-IIII to left. S-M11; KM-36; Cal-506. 13.67 grams. Choice full shield with bold oMO and full denomination, also choice full cross-lions-castles, much legend, XF with light toning and patches of black encrustation.

Mexico City, Mexico, cob 4 reales, Philip II, assayer O below denomination oIIII to right, mintmark oM to left. S-M11; KM-36; Cal-503. 12.78 grams. Broad flan with choice full crown and bold legends, also nice full shield and cross, full oM to left and O to right (denomination not visible), XF with contrasting toning on fields, traces of dark encrustation.

Mexico City, Mexico, cob 4 reales, Philip II, assayer O below mintmark oM to left, error with no denomination (blank) to right, unique(?), NGC XF 45. S-M11; KM-unl (36 for type); Cal-unl (Type 158). 13.59 grams. In all the experimentation with the positioning of the mintmark, assayer and denomination (which by coincidence also happened at Lima at the same time under assayer Diego de la Torre), apparently the engraver forgot to punch the denomination into the obverse die for this coin, the first of its kind we have seen or heard of, and it is also a choice piece, with perfectly detailed full shield and cross-lions-castles, the legends somewhat flat on a broad flan, the surfaces faintly lustrous under very light toning. NGC #6205454-012.

Mexico City, Mexico, cob 4 reales, 1654/3 P, rare. S-M19; KM-unl (38 for type); Cal-unl (Type 275). 13.25 grams. Round flan with full and bold oMP and 165 of date with less-full but still-clear 4/3, full cross, VF with flat spots, very darkly toned, test-cuts near edge.

Mexico City, Mexico, cob 4 reales Royal (galano), 1728/5 D, PHILIPPVS/LVDOVICVS, unique, NGC VF details / plugged, ex-Rudman. S-M23a; KM-unl; Cal-unl (Type 138). 12.54 grams. Just like the 8 reales of 1725-30 (see lot 434 above), the 4 reales of this period were also all struck from obverse dies that were modified from one originally engraved in 1725, with none made in 1729 and the "next in line" after the current piece being a unique 1730/28/5 R/D in our Auction 28 last year. The present coin, typically round and evenly struck, with full details and perfect medallic alignment, also beautifully toned, was once holed at top like nearly Royals, but a careful artisan has faithfully recreated the central crown design on obverse and flower ornament on reverse while leaving enough evidence not to deceive, making for a very pleasing aspect overall. NGC #2789252-025. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, cob 1/2 real Royal (galano), 1721 J, rare, NGC VF details / holed, ex-Rudman. S-M22; KM-R24; Cal-200. 1.4 grams. Darkly gunmetal-toned surfaces with full but off-center details on a smallish flan with hole at top (typically medal-aligned), nearly full legends but with date full and clear. NGC #4352834-004. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, cob 1/2 real Royal (galano), 1726 D, rare, NGC VF 35, finest and only example in NGC census, ex-Rudman. S-M23a; KM-R24; Cal-204. 1.63 grams. While Mexican 1/2R Royals of the 1715-30 period are not overly rare, they are very rarely found without holes, which is why only seven examples across all the dates have received numeric grades from NGC, this being the only one dated 1726. All details are full and bold, with rich dark toning all over. NGC #2789284-016. Pedigreed to the Isaac Rudman Numismatic Cabinet.

Mexico City, Mexico, klippe 8 reales, 1734/3 MF, NGC XF 45. S-M28; KM-48; Cal-1432. 26.72 grams. Roundish flan for the type with much legend (full date with clear overdate) and choice full inner details, slight weakness at top on both sides (also with light adjustment marks there on obverse), deeply toned fields, second highest grade in the NGC census for this scarce overdate. NGC #5965264-005.

Lima, Peru, 4 reales, Philip II, assayer R (large) to left, second denomination o-iiii to right (very rare), motto PL-VSV-TR, legends HISPA / NIARVM. S-L1; KM-10.2; Cal-496. 11.89 grams. Uneven strike with weak centers (but technically no worse than XF, with faint surface porosity, toned in crevices), mostly full and bold legends and crown, the all-important secondary denomination o-iiii clear. This is only the third example we have seen and offered, all three from the same shield-side die but all with different pillars sides showing different mottos (the others being PL-VSVL-TR and PL-VSVL-T).

Lima, Peru, 4 reales, Philip II, assayer R (small) to left, motto PL-VSV-L, legends HISPA / NIARVM. S-L1; KM-10.1; Cal-495. 12.39 grams. Extremely broad flan extending past outer ring in places, with full legends (with uncommon misspelling INDIARVN) as a result and choice full inner details, attractively toned XF (very slightly porous), very impressive.

Lima, Peru, 4 reales, Philip II, assayer X/R (small) to left (extremely rare), motto PL-VSV-LT, legends HISPA / NIARVM. S-L2; KM-unl; Cal-unl. 13.43 grams. Very broad flan (extending past the outer border) with choice bold legends (100% full), the crown and inner details weaker but also full (with a few old scratches), with the all-important over-assayer evident as sharp points past the corners of the small R (the R-die known, for example lot 505 in Stack's auction of June 1993), one of only two known in addition to a single-known large X/R, richly toned VF. Pedigreed to the Barry Stallard collection and to the Ponterio auction of January 2004, with original lot-tag 1985.

Lima, Peru, 2 reales, Philip II, assayer R to left, motto PL-VSVT-R above denomination, legends HISPAN / NIARVM. S-L1; KM-8; Cal-333. 6.09 grams. Very broad flan (past the outer border) with choice full legends and inner details, lightly toned VF, with expertly plugged hole near edge at top of shield side. Pedigreed to the Barry Stallard collection.

Lima, Peru, 2 reales, Philip II, assayer R to right, motto PL-VSV-L above denomination, legends HISPA / NIARVM. S-L1; KM-8; Cal-333. 5.75 grams. Scarcer issue with assayer to right, also with uncommon misspelling INDIARVN, nearly full legends and clear but weaker inner details, light toned in crevices, porous AVF.

Lima, Peru, 2 reales, Philip II, assayer R to left, motto PL-VSVL-TR above denomination, legends HISPAN / NIARVM. S-L1; KM-8; Cal-333. 6.39 grams. Lightly toned XF with full and bold but slightly doubled inner details, full crown and much legend, some old scratches. Pedigreed to the Barry Stallard collection, with Freeman Craig tag from 1987.

Lima, Peru, 1 real, Philip II, assayer R to left, motto PL-VS-VL below dot, HISPANIA / RVM. S-L1; KM-6; Cal-unl (cf 209). 3.17 grams. Broad thin flan with much bold and full legend (particularly the king's name and ordinal) and full inner details, early "fine style" pillars side with larger elements, high grade (AU?) but very slightly porous, lightly toned.

Lima, Peru, 1 real, Philip II, assayer R to left, motto P-LVS-V above dot, legends HISPA / NIARVM. S-L1; KM-6; Cal-209. 2.93 grams. Small flan, with bold and full central details (slightly doubled) and much legend for its size, slightly porous XF with light toning. Pedigreed to the Barry Stallard collection and to Sedwick Auction 13, with original lot-tag 1064.

Lima, Peru, 1 real, Philip II, assayer R to left, motto PL-VSV-TR above dot, legends HISPANIA / NIARVM. S-L1; KM-6; Cal-209. 3.24 grams. Broad flan with 100% full legends and inner details, slightly doubled pillars, lightly toned AVF. Pedigreed to the Barry Stallard collection and to the Ponterio auction of February 2001 (lot 848).

Lima, Peru, 1 real, Philip II, assayer R to left, motto PL-VS-V above dot, HISPANIA / NIARVM. S-L1; KM-6; Cal-209. 2.98 grams. Full inner details and most of legends including bold king's ordinal II, slightly porous XF with toned fields.

Lima, Peru, 1 real, Philip II, assayer R to left, motto PL-VSV-L below dot, legends HISPANIA / ARVM. S-L1; KM-6; Cal-unl (cf 209). 3.14 grams. Broad flan with choice full legends and crown and inner details, deeply old-toned VF+ with tiny hole at bottom of shield. This is the first example we have seen with pillars-side legend starting with ARVM. Pedigreed to the Barry Stallard collection, with original Christensen tag from June 1988.

Lima, Peru, 1/2 real, Philip II, assayer R to left, legends HISPAN / IARVM ET INDIARV. S-L1; KM-3; Cal-115. 1.63 grams. Choice, well-centered example with full inner details and bottom half of all letters in legends, richly toned VF+, desirable as non-salvage and with scarce old tag from the early days of Heritage. Pedigreed to the Barry Stallard collection and to the Heritage auction of June 1988, with original lot-tag #3097.

Lima, Peru, 1/2 real, Philip II, assayer R to left, legends HISPAN / IARVM ET INDIARVM. S-L1; KM-3; Cal-115. 1.55 grams. Nicely toned but slightly porous AXF with nearly full details, no doubling. Pedigreed to the Barry Stallard collection and to Sedwick Auction 14 (lot 1337).

Lima, Peru, 1/2 real, Philip II, assayer R to left, legends ? / ? INDIARVM. S-L1; KM-3; Cal-115. 1.68 grams. Full inner details but smaller flan and slightly off-center strike with incomplete legends, slightly porous AXF with toned fields.

Lima, Peru, 1/4 real, Philip II, assayer R to left, legends PHILIPPVS o II o D / SPANIARVM . E, rare. S-L1; KM-1; Cal-94. 0.76 gram. Broad flan with full legends (possibly unique thus), full but weaker inner details, traces of spotty toning but no corrosion as non-salvage, possibly finest known for the denomination and a unique combination of obverse and reverse dies.

Lima, Peru, 1/4 real, Philip II, assayer R to left, legends HISPANIARVM / PHILIPVS II, rare. S-L1; KM-1; Cal-95. 0.44 gram. Legends transposed, with bold full crowned-R and HISPANIARVM on obverse, the I side (reverse) with clear assayer-mark R but legend less distinct due to corrosion and off-center strike, slightly wavy flan but unusually intact for salvage. Pedigreed to the Barry Stallard collection and to the Ponterio auction of March 1998 (lot 1526).

Lima, Peru, cob 8 reales, Philip II, assayer Diego de la Torre, *-8 to left, P-oD to right. S-L4; KM-14; Cal-654. 27.06 grams. Broad round flan with lustrous fields and sharp AU details, with full legends and choice interiors, as well as a well-detailed full crown, just a few hairline cracks that are deep but stable. Pedigreed to the Jorge Ugaz collection.

Lima, Peru, cob 4 reales, Philip II, assayer Diego de la Torre, *-oiiii to left, P-oD/X to right, very rare. S-L4; KM-11; Cal-unl. 13.49 grams. Perfectly round with superb full cross-lions-castles, the crown and shield also full but weaker, most of the legend bold, prominent oD/X to right with bold denomination to left showing the * mintmark squeezed in above it, XF with darkly toned fields. All the known examples of 4R oD/X appear to be from the same obverse die showing HISPANIARVM with an H (with at least a couple different reverses), whereas some of the clean-X 4R known were struck from a different obverse with ISPANIARVM (no H), proving that this difference alone is not an indicator of either time period or mint, unfortunately. Pedigreed to the Barry Stallard collection and to the Ponterio auction of October 1994 (lot 1240).

Lima, Peru, cob 4 reales, Philip II, assayer Diego de la Torre, *-oiiii to left, P-oD to right. S-L4; KM-11; Cal-498. 13.35 grams. Excellent full shield and cross, both a trifle doubled, with much of crown and legend as well, same arrangement as the oD/X issues (also ISPANIARVM without H) hence probably struck early in de la Torre's tenure, attractive XF with darkly toned fields. Pedigreed to the Barry Stallard collection and to the Swiss Bank Corp. auction of September 1997, with original lot-tag 2302.

Lima, Peru, cob 4 reales, Philip II, assayer Diego de la Torre, P-4 to left, *-oD to right. S-L4; KM-11; Cal-501. 13.70 grams. Choice full details in AU grade, with lightly contrasting crustiness on fields, the shield and cross particularly sharp and well-detailed. Pedigreed to the Barry Stallard collection and to the Heritage auction of January 2008, with original lot-tag 51946.

Lima, Peru, cob 4 reales, Philip II, assayer Diego de la Torre, *-4 to left, P-dot-D to right. S-L4; KM-11; Cal-499. 13.17 grams. Very broad flan with particularly bold and full legends and crown, the interior details also full but with slight weakness in centers, VF with dark toning and encrustation on fields (nice contrast). Pedigreed to the Barry Stallard collection and to Sedwick Auction 5 (lot 655).

Lima, Peru, cob 2 reales, Philip II, assayer X below mintmark P to right, very rare. S-L3; KM-9; Cal-336. 6.60 grams. Full and well-detailed shield and cross, with bold assayer and clear denomination, not much legend, slightly porous AXF with a few hairline cracks, much rarer in this denomination than oD/X. Crucially, the lions (and castles) are large (4R-sized) and in fact match the style ("Segovia" lions) used on later issues at Potosi, namely those of assayers R, L and B (but not M), probably indicative of punches transported there after the brief striking in La Plata.

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, *-ii to left, P-oD/X to right, rare. S-L4; KM-9; Cal-337. 6.74 grams. Bold full P-oD/X, some bold legend and nearly full crown, well-detailed full shield and cross-lions-castles, XF with dark toning on fields for contrast. Multiple dies are known for oD/X in the 2R denomination, this one evidently showing HISPANIARVM with H. Pedigreed to the Barry Stallard collection and to the Ponterio auction of January 2006 (lot 2032), also Sedwick Auction 6 (lot 782).

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, *-ii to left, P-oD/X to right. S-L4; KM-9; Cal-337. 6.60 grams. Slightly out-of-round flan, with crisp AU details despite light surface porosity (also lightly toned), choice full shield, full but partially weak cross, bold *-ii and P-oD/X, most of crown and some legend, different dies from the previous lot, particularly the crown, which bears an unprecedented series of x's between the top and bottom loops (first specimen known).

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, *-ii to left, P-oD to right. S-L4; KM-9; Cal-338. 6.75 grams. Choice example, round and well detailed, with full crown and inner details and fully readable legends, deeply toned XF. Pedigreed to the Barry Stallard collection, with Freeman Craig tag from 1981.

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, *-ii to left, P-oD to right. S-L4; KM-9; Cal-338. 6.34 grams. Nice full crown and shield and cross (just one flat spot near centers) plus much of the legends, deeply toned XF with hint of surface porosity, different dies from previous lot with same arrangement of mintmarks, denomination and assayer.

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, *-ii to left, P-dot-D to right. S-L4; KM-9; Cal-338. 6.59 grams. Broad and round flan with choice full shield and cross and nearly full crown, much legend, richly toned AXF with small hole at bottom of shield / top of cross (coin-aligned strike).

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, P-ii to left, *-oD to right. S-L4; KM-9; Cal-340. 6.64 grams. Broad flan with superb full cross (trifle doubled) and shield, most of legends and crown despite some peripheral weakness, lightly toned XF. Pedigreed to the Barry Stallard collection and to Sedwick Auction 23, with original lot-tag 801.

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, P-ii to left, oD-* to right. S-L4; KM-9; Cal-341. 6.60 grams. Broad flan with much bold legend and choice full inner details, also attractively toned, VF+ for wear. Pedigreed to the Barry Stallard collection and to Sedwick Auction 7, with original lot-tag 935.

Lima, Peru, cob 2 reales, Philip II, assayer Diego de la Torre, P-ii to left, oD-* to right. S-L4; KM-9; Cal-341. 6.70 grams. Choice example in near-AU grade with faint surface porosity under gunmetal toning, sharp full inner details and much legend including a full and bold king's name, full crown that is curiously small and bears a lower loop, different dies from the previous lot with same arrangement of mintmarks, denomination and assayer.

Lima, Peru, cob 1 real, Philip II, assayer Diego de la Torre, *-I to left, P-oD to right. S-L4; KM-7; Cal-212. 3.09 grams. Nice VF+ with full crown above full but slightly doubled shield, also full cross with particularly nice tressure but both centers weak, much legend, contrastingly toned fields. Pedigreed to the Barry Stallard collection and to the Jess Peters auction of September 1971 (lot 808).

Lima, Peru, cob 1 real, Philip II, assayer Diego de la Torre, *-I to left, P-oD to right. S-L4; KM-7; Cal-212. 3.27 grams. Sharply detailed full shield and crown and cross in high grade (AU) with gunmetal toning over faint surface porosity, smallish flan with hairline edge-crack.

Lima, Peru, cob 1 real, Philip II, assayer Diego de la Torre, *-oD to left, I-P to right. S-L4; KM-7; Cal-213. 3.24 grams. Very bold full cross-and-tressure, well-detailed full shield with bold mintmarks, denomination and assayer, toned VF with edge-split. Pedigreed to the Barry Stallard collection and to Sedwick Auction 12 (lot 983).

Lima, Peru, cob 1 real, Philip II, assayer Diego de la Torre, *-P to left, oD-I to right. S-L4; KM-unl (7 for type); Cal-214. 3.25 grams. Oblong flan with nice full shield and cross, most of crown and much legend, XF with dark stains near edge but otherwise non-toned, scarce arrangement of mintmarks, denomination and assayer (least common of the 1R varieties). Pedigreed to the Barry Stallard collection.

Lima, Peru, cob 1 real, Philip II, assayer Diego de la Torre, P-I to left, *-oD to right. S-L4; KM-7; Cal-215. 3.31 grams. Nice full shield and crown and cross, particularly bold mintmarks, denomination and assayer, lightly toned XF. Pedigreed to the Barry Stallard collection and to Sedwick Auction 17, with original lot-tag 734.

Lima, Peru, cob 1/2 real, Philip II, assayer Diego de la Torre, P to left, dot-D to right, */X below monogram (very rare). S-L4; KM-unl (5 for type); Cal-unl (Type 60). 1.63 grams. Broad flan with full crown and inner details, nearly full legends, AXF with choice light toning but holed near edge. The */X on this coin is quite clear, indicative of being among the first de la Torre issues and belonging to the same series as the higher denominations with oD/X (see lots 465, 470 and 471 above), but we note with interest that the ornament above the D is a dot instead of an o, proving that dot-D is not an indicator of later production as once thought. Pedigreed to the Barry Stallard collection.

Lima, Peru, cob 1/2 real, Philip II, assayer Diego de la Torre, oD to left, * to right, P below monogram. S-L4; KM-5; Cal-121. 1.68 grams. Full and bold monogram and cross (both very slightly doubled), also nearly full legends and crown with curious "velvet" design below it but without the lower loop, AU with dark gunmetal toning all over, scarce arrangement of mintmarks and assayer (the P below the monogram incomplete but certain).

Lima, Peru, cob 1/2 real, Philip II, assayer Diego de la Torre, oD to left, P to right, * above and below monogram. S-L4; KM-unl (5 for type); Cal-118. 1.68 grams. Slightly porous XF+ with nice toning, full details including legend and crown (small variety, with lower loop), interesting arrangement with * above AND below, also with ISPANIARVM lacking the H.

Lima, Peru, cob 1/4 real, Philip II, assayer Diego de la Torre, P to left and * to right of castle, * to left and I to right of lion. S-L4; KM-unl (2 for type); Cal-unl (Type 56). 0.50 gram. Corroded Fine with the all-important "I" instead of P on lion side clear, a scarce variety and actually a rare subvariety as most examples show the I to left, some spotty toning, nice small crown above castle. Pedigreed to the Barry Stallard collection.

Lima, Peru, cob 1/4 real, Philip II, assayer Diego de la Torre, * to left and P to right of castle, ex-Americas. S-L4; KM-2; Cal-102. 0.75 gram. Choice full lion and castle with some clear legend and crown, attractively toned AXF, desirable pedigree and somewhat rare as non-salvage. Pedigreed to the Barry Stallard collection and to the "Americas" Collection (Kagin auction of August 1983), with original lot-tag 1018.

Lima, Peru, cob 1/4 real, Philip II, assayer Diego de la Torre, no mintmarks nor assayer. S-L4; KM-unl (2 for type); Cal-96. 0.65 gram. Desirably broad flan with good full castle and lion, each topped with a full crown (two different styles), darkly toned VF with traces of surface porosity. Pedigreed to the Barry Stallard collection.

Lima, Peru, cob 8 reales, 1659 V, "Star of Lima" type, mintmark LIMA, 8-V to left and right (Series 1B), rare. KM-18.1; Cal-1244; CT-263. 24.98 grams. Bold full pillars and cross, both slightly doubled and the latter off-center, the denominations and date particularly full and prominent, with contrasting toning around details, traces of orange encrustation on cross side, VF with crack and old hole in typically flat peripheries, rare variety with denomination and assayer on both sides of pillars and horizontal lines above and below LIMA, also five-point star (hence different from the Series 1A issues that are comparatively common from the "Jupiter Wreck" of 1659), in fact probably the rarest of all the 1659 varieties and with no corresponding smaller denominations known.

Lima, Peru, cob 8 reales Royal (galano), 1686 R, rare. S-L7; KM-R24; Cal-579. 26.63 grams. Very broad flan with choice full inner details and crowns, plus nearly full legends (at least the bottom of every letter), in fact much better than either of the examples in Lazaro (#2 and #3, R2 and R3 respectively), neither of which is an exact match with the present piece (note in particular the crown above the pillars), VF with black toning in crevices for great contrast, lightly gilt at one point but no traces of gold color left, surely also holed and plugged at top of cross as well but professionally repaired to the point that the plug is no longer visible.

Lima, Peru, cob 8 reales, 1695 R. S-L12; KM-24; Cal-600. 26.73 grams. Choice full waves below nearly full pillars, good full cross, all three dates (including clear 1695 in legend) and mintmarks and assayers, well-centered VF with minor weak spots and light toning in crevices.

Lima, Peru, cob 8 reales, 1740/39 V, rare. S-L22; KM-34a; Cal-1316. 27.76 grams. Chunky XF with nice toning, one full pillar and most of cross, clear assayer and two clear dates (clear upper-right extension of 3 under 4 between pillars), rest of coin flat.

Lima, Peru, cob 8 reales, 1740(?) V. S-L22; KM-34a; Cal-1317. 25.42 grams. Good full cross-lions-castles, one full pillar, all three assayers but only the 74 and top of 0(?) of date clear, chunky XF with light surface corrosion.

Lima, Peru, cob 8 reales, 1741 V. S-L22; KM-34a; Cal-1320. 24.02 grams. Chunky XF with nice gray toning all over, matte surfaces with area of corrosion on pillars side, nice centers (especially the cross) but flat peripheries, good full date between pillars.

Lima, Peru, cob 8 reales, 1752 R, rare final year of Lima cobs. S-L23; KM-unl (44 for type); Cal-450. 27.02 grams. Chunky with flat peripheries as usual, decent centers showing most of assayer and denomination flanked with dots (an aspect of the final years of 1750-52 only), just the top of 52 of date, VF with spotty dark toning on pillars side only.

Lima, Peru, cob 2 reales Royal (galano), 1692 V, extremely rare, NGC Fine details / plugged. S-L10; KM-unl (R21 for type); Cal-unl (Type 64). 6.71 grams. Broad, thin flan, perfectly round as a Royal should be, with some bold legend--particularly LIMA and (C)AROLVS--and technically full pillars and (off-center) cross but with several flat areas (plus a little doubling) that make the date somewhat unclear, and in fact we originally sold this in our Auction 17 as a 1693, but now we can discern a flat bottom for the last digit in both the legend date under the pillars and the doubled date under the cross (probably unique in any case, no others known to us, with maybe only one other date known in the whole Charles II type), lightly toned in crevices, plugged in crown at top of pillars side. NGC #6272089-002.

Lima, Peru, cob 2 reales, 1697 H. S-L13; KM-21; Cal-355. 6.57 grams. Good full cross, full waves with one choice pillar, two dates and assayers and mintmarks, VF+ with dark toning in crevices, flat spots and hairline cracks in peripheries.

Lima, Peru, cob 2 reales, 1698 H. S-L13; KM-21; Cal-356. 6.83 grams. Choice full pillars (even the tops are well detailed) and cross-lions-castles, attractively toned XF, two dates, three assayers.

Lima, Peru, cob 2 reales, 1703 H. S-L15a; KM-32; Cal-714. 6.28 grams. Good full pillars (including tops) and cross-lions-castles (the latter slightly off-center), nicely toned XF with traces of tan encrustation, three assayers, two mintmarks.

Lima, Peru, cob 2 reales, 1706 R. S-L16; KM-32; Cal-717. 6.25 grams. Good full pillars-and-waves and cross-lions-castles, all three dates and mintmarks and assayers, even some legend including king's name plus full (small) crown, unevenly toned VF with parts of edge crude (as made).

Lima, Peru, cob 2 reales, 1709 M. S-L18; KM-32; Cal-722. 6.34 grams. Good full cross-lions-castles, full (fat) pillars, three assayers, lightly toned AVF with flat peripheries.

Lima, Peru, cob 2 reales, 1710 H. S-L19; KM-32; Cal-723. 6.24 grams. Full pillars, good but off-center cross, two dates and three mintmarks, VF+ with toned fields, some peripheral flatness.

Lima, Peru, cob 2 reales Royal (galano), 1717 M, very rare, NGC holed, clipped. S-L20; KM-unl (R32 for type); Cal-698. 5.77 grams. Choice full details as expected for a Royal, with much legend despite the light clipping as noted, the inevitable hole located at the bottom of the cross, all nicely toned, VF for wear (not mentioned on label). NGC #5969220-001.

Lima, Peru, cob 2 reales, 1725 M, Louis I. S-L20a; KM-32a; Cal-19. 6.36 grams. Full pillars and nearly full cross, two dates and parts of all three assayers, very lightly toned Fine (low contrast), no evidence of king's name or ordinal but defined by date.

La Plata, Bolivia, cob 1 real, Philip II, assayer R (Rincon) below mintmark P to left, extremely rare (two known), Sellschopp plate, Stallard "discovery coin." S-LP1; KM-unl; Cal-unl. 2.56 grams. As noted in the attached article by Barry Stallard, based on decades of careful die-analysis of hundreds of specimens in several denominations, the transition from Lima to La Plata to Potosi is best understood by studying the punches and dies, which were documented as having been sent from Lima to La Plata and Potosi in multiple batches after the Lima mint closed (temporarily) in 1572, during the tenure of assayer X. While several individual punches from Lima assayer X appear on issues of Potosi (see note in lot 469 above, for example), only one complete cross-side die-match has been observed, and logic dictates it must correspond to the very brief striking at La Plata in late 1573 and early 1574 only. This cross-side die is distinctive, with "passant" lions sticking out their tongues and a triple-punched tressure that appear on only two 1R issues with different shield-side dies: one with P-X to right (Lima) and the other with P-R to left (La Plata). The present coin is Stallard's discovery piece, which he identified sometime prior to 2009 when we offered the only other example to be auctioned (Auction 6, lot 877). The cross and shield are full, obviously with clear lions and tressure for attributing, and the P-R is bold, in addition to small pieces of the legends and crown, all deeply toned, Fine+ for wear and with small hole a top of shield / right of cross, lightly shaved around the edge in its time. Unlike the other known specimen, this piece clearly shows HISPANIARVM with an H, a crucial data element that further confirms the attribution to La Plata. It may also be significant that this piece is underweight (see lot 614 in this auction). Lastly, it is pedigreed to the famous collection of Dr. E.A. Sellschopp, who lacked an assayer-X to compare with and possibly notice the connection as Stallard did so many years later. Pedigreed to the Barry Stallard collection, plate coin #20 in Sellschopp's Las acunaciones de las cecas de Lima, La Plata y Potosi (1971).

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (1st period), "heavy" lions, rare. S-P4; KM-5.1; Cal-672. 27.28 grams. A fabulous example of Sellschopp #155 (not in Paoletti), which is by far the most seldom-seen of the varieties of 1st-period B, recognized by its uniquely heavy-maned lions, here very sharply detailed as the coin is arguably Uncirculated, with the rest of the cross and all of the shield very well detailed also, plus full crown and nearly full legends as struck on a broad flan that is more reminiscent of slightly later issues (what Sellschopp called "Great Module"), with frosty surfaces that lack toning and luster but are clearly pristine. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (1st period). S-P4; KM-5.1; Cal-672. 27.16 grams. Bold full cross with typical "dancing" lions (what Sellschopp called "Segovia" lions), well-detailed but less-bold full shield, nice full crown, parts of legend, some flatness from uneven flan, which is actually typical for 1st-period B, otherwise AU with some luster, one small spot of dark encrustation, hairline edge-crack. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer L below erased B (2nd period), rare. S-P9; KM-5.1; Cal-670. 27.48 grams. Broad flan with choice full shield and (doubled) cross, some bold legend, low-contrast XF (non-toned), but best feature is the full and very clear L-over-erased-B assayer, which provides a direct link from 1st-period B to 2nd-period L (obverse die-match with Sellschopp #53 and Paoletti #56). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (2nd period), NGC AU 55 ("top pop"). S-P6; KM-5.1; Cal-672. 27.62 grams. Very broad flan ("Great Module") with nearly full crown and legends in addition to the well-detailed full shield and cross-lions-castles, beautifully toned all over, tied with two others for finest in NGC census out of (currently) 37 entries. NGC #5965627-014.

Potosi, Bolivia, cob 8 reales, Philip II, assayer C below erased B (2nd period), rare, NGC XF 45, finest and only example in NGC census. S-P5; KM-5.1; Cal-671. 27.68 grams. Typically broad flan with full but partially flat legends including PHILIPPVS, full crown, bold full cross-lions-castles, and well-detailed full shield, all with toning around details, but best feature is the CLEAR assayer B in the erasure above assayer C, the erasure also with a right-angle component at bottom left that makes it look like B/L (which it could be, but more likely the B punch itself was crafted from an S and an L). In any case, the 8R of assayer C is a famously rare and important issue that Sellschopp erroneously attributed to La Plata before it was known that Rincon was the first assayer of Potosi. NGC #6271298-004. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (3rd period). S-P10; KM-5.1; Cal-672. 27.06 grams. Exceptionally broad flan for the period, with much legend and full crown in addition to the full and well-detailed shield and cross, the former with no less than ten(!) fleurs in New Burgundy (a new record), scratches on shield, non-toned AU with traces of luster but also some light scuffs on obverse. To the uninitiated eye, the large flan of this example might be tempting to place into 2nd-period B, but certain die-elements in both the shield (tall, standing lions in Leon and flat lion in Brabant) and cross (new Seville lions) definitely correspond to 3rd period. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (3rd period). S-P10; KM-5.1; Cal-672. 26.70 grams. Typically thick, round, small-diameter flan with choice full shield and cross-and-tressure, nearly full crown but practically no legend, light steel-gray toning, choice XF+.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (3rd period). S-P10; KM-5.1; Cal-672. 27.43 grams. Another broad-flan example like lot 511 above with yet another late-issue element in the shield, namely a new, narrow castle in Castile (also note six fleurs in New Burgundy, per Sellschopp #157, choice full crown and nearly full legends in addition to the complete interior details, bold full P-B, near AU with faint toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (3rd period). S-P10; KM-5.1; Cal-672. 26.84 grams. Presumably toward the end of B's 3rd period there was a change to a new castle design, both in the shield and the cross, with six tiny windows around a large main opening (Sellschopp #185), and this is arguably the finest known example, with superbly detailed full shield and cross-lions-castles, full crown, bold P-B and denomination, fully AU with no toning except for a dark brown stain near edge on reverse. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer A, error denomination oVIIII, NGC XF 40. S-P11; KM-5.1; Cal-unl (cf 674). 27.33 grams. Nice full shield and cross, bold full P-A, the rare error in the denomination (one extra I) certain but weaker, lightly toned all over. NGC #6271298-007. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, Philip II, assayer A. S-P11; KM-5.1; Cal-674. 26.97 grams. Broad flan with choice full shield and cross-lions-castles contrasting with brown-toned fields, bold full P-A and denomination o-VIII (not the error variety), AU or thereabouts. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (4th period). S-P12; KM-5.1; Cal-672. 26.78 grams. Bold full shield and cross with minor doubling on both sides, much bold legend and crown, very bold P-B and denomination, attractively toned all over, just some scratches and scuffs here and there. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer RL, NGC AU 55, finest known in NGC census. S-P13; KM-5.1; Cal-675. 27.26 grams. Beautifully lustrous and devoid of wear, with full crown and choice full interior details on both sides, the P-RL particularly full and bold, tiny edge-cracks but otherwise as nice as they come, the finer of just two in the NGC census (this one labeled as Philip III in error). NGC #5969477-001. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, Philip II, assayer RL. S-P13; KM-5.1; Cal-675. 26.52 grams. Terrifically bold full shield and cross contrasting with deeply toned fields, full P-RL and denomination, also full crown with flat spot that could be harboring an expertly repaired hole corresponding to the right end of the cross on the other side, AXF overall. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer RL. S-P13; KM-5.1; Cal-675. 27.28 grams. Partially rainbow-toned XF with luster, nice full cross and shield, very bold RL assayer, broad flan.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (5th period). S-P14; KM-5.1; Cal-672. 27.15 grams. Choice full shield with distinctive X-pattern of fleurs in New Burgundy (like the pips for the number 5 on dice), also good full cross (slightly doubled) with clear lions of an unusual design with open mouths facing up, borders of boxes, nicely toned VF+ with some minute (old) pitting on obverse. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (5th period), borders of x's on both sides, NGC MS 61, finest known in NGC census. S-P14; KM-5.5; Cal-672. 27.33 grams. Lustrous and devoid of wear, broad flan with full interior details (trifle doubled) and most of legends and crown, prominent borders of x's, minor flan-cracks, the finest of just three in the NGC census but also the highest grade we have seen for this issue. NGC #5965052-010.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (5th period), borders of x's on both sides. S-P14; KM-5.5; Cal-672. 27.17 grams. Choice full shield and cross (bold and well detailed), also bold mintmark and denomination, clear borders and nearly full crown, VF+ with toned fields.

Potosi, Bolivia, cob 8 reales, Philip II, assayer B (5th period), borders of x's on both sides. S-P14; KM-5.5; Cal-672. 26.98 grams. Good full cross and shield, bold full P-B, nearly full crown and more legend than usual, clear borders, AXF with toned fields (couple dark spots). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip III, assayer R (curved leg). S-P15; KM-10; Cal-912. 26.55 grams. Broad flan with full but partially weak shield and cross, VF with some luster and uneven toning, noted as the variety lacking a vertical line between Flanders and Tirol in the shield (Sellschopp #290). Purchased from Holland Wallace in July 1977 ("7/77" on accompanying collector's tag).

Potosi, Bolivia, cob 8 reales, Philip III, assayer R (curved-leg). S-P15; KM-10; Cal-912. 27.15 grams. Broad flan with 100% full king's name PHILIPVS, good full shield and cross, nearly full crown, VF with toned fields (couple dark spots). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip III, assayer Q. S-P17; KM-10; Cal-916. 26.75 grams. Very bold P-Q with a Q that appears to be punched over or made from an upside-down Q (first we have seen), full shield and cross despite some flat areas caused by uneven flan thickness, Fine+ with nice toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip III, assayer Q. S-P17; KM-10; Cal-916. 27.08 grams. Nice round flan with clear assayer and full but slightly off-center shield and cross, AVF with toning and encrustation in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip III, assayer M/Q. S-P18; KM-10; Cal-918. 23.98 grams. Broad flan, non-round and with uneven thickness but with full and bold P-M/Q, choice full cross-lions-castles, full shield, with light toning over lightly corroded surfaces, XF details. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1617 M, NGC MS 62, finest known in NGC census. S-P19; KM-10; Cal-921. 27.37 grams. Broad flan with full P-M and 1617 date that appears twice due to a shifted double-strike that does not affect the superb full cross-lions-castles ((the shield also full and choice) whose sharpness of details and manifest luster (with faint toning near edge only) justify this coin's position as not only the finest for the date and type, but also the highest grade given to any Potosi cob 8R by NGC. As such, this coin is the ultimate trophy for the grade connoisseur looking for the best example of the first dated "crown" of Potosi. It is also interesting to note that this first-date example demonstrates how that part of the legend on a previous die was simply erased (including the border of dots) before adding the date. NGC #5960042-001. Pedigreed to the Ponterio auction of November 2005 (lot 1329).

Potosi, Bolivia, cob 8 reales, 1617 M, NGC AU 53. S-P19; KM-10; Cal-921. 26.76 grams. Broad, round flan with bold full P-M, well-detailed full shield and cross-lions-castles (the latter slightly doubled and with a few small dark spots), bold 161 and part of 7 of date (with clear erasure as noted in the previous lot), also most of crown, part of edge crude (as made), desirable grade (second in the census behind the previous lot). NGC #6271337-003.

Potosi, Bolivia, cob 8 reales, 1617 M, NGC VF 30. S-P19; KM-10; Cal-921. 26.95 grams. Broad round flan with bold full king's ordinal III in legend (rare to see that), full 617 of date, good full shield and cross, light uneven toning, a far cry from the previous two in terms of strict grade but definitely more like XF in our opinion. NGC #6271298-011. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1618 T, upper half of shield and quadrants of cross transposed, NGC AU 50, finest and only example in NGC census. S-P21; KM-10; Cal-926. 26.83 grams. Choice bold shield and cross, both full and well centered, also bold full P+T and 8 of date, high grade and sharp except for peripheral flatness, finest we have seen. NGC #6271298-012. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1618 T, quadrants of cross transposed. S-P21; KM-10; Cal-926. 27.03 grams. Bold full shield and cross, full 18 of date, full denomination and clear P+T, VF with minor peripheral flat spots.

Potosi, Bolivia, cob 8 reales, 1619 T, NGC AU 55, finest known in NGC census. S-P21; KM-10; Cal-927. 27.23 grams. Large, non-round flan with good full shield, full cross with one flat spot near center, most of 9 of date, full P+T, choice grade with frosty surfaces (no toning). NGC #6271298-013. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1619 T, NGC XF 45. S-P21; KM-10; Cal-927. 27.28 grams. Smallish flan (thick) with bold full shield and cross (both slightly doubled), clear bottom half of 61 and nearly full 9 of date, bold full P-T (no ornament in between), lightly toned, second finest in NGC census behind the previous lot. NGC #6271337-004.

Potosi, Bolivia, cob 8 reales, 1619 T. S-P21; KM-10; Cal-927. 27.25 grams. Bold full cross (off-center) and shield (both fully detailed), only the bottom of the tail of the 9 of date visible, bold mintmark but assayer doubled, non-toned XF.

Potosi, Bolivia, cob 8 reales, 1620 T, q/P (retrograde P over P) for mintmark and king's name, NGC XF 45, finest known in NGC census. S-P21; KM-10; Cal-929. 27.28 grams. Broad flan with 100% full and bold date 1620 (very rare thus) outside a full cross-and-tressure, other side with bold and full shield with nearly full crown above, bold q/P+T to left and denomination to right, also bold q/P at beginning of king's name qHYLYqS in legend, deeply toned (darker on shield side). Even in this period of multiple transpositions, it is amazing that the engraver (perhaps dyslexic) actually went to the extent to "correct" the P's with retrograde P's! NGC #6271298-014. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1621 T, upper half of shield and quadrants of cross transposed, NGC VF 25. S-P21; KM-10; Cal-933. 26.97 grams. Broad flan with just the bottoms of the digits 621 of date visible outside of a full but doubled cross with distinctive "greyhound" lions (natural edge-crack on that side), bold full shield with P+T to left (the + ornament actually more like a cross fleury), king's ordinal III in legend, richly toned all over. NGC #6271298-015. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1621 T, quadrants of cross transposed. S-P21; KM-10; Cal-933. 25.83 grams. Non-round flan with slightly varying thickness, nice full cross-lions-castles with full and clear 21 (ZI) of date (the final digit doubled onto the border of dots, making it look like 1/0), full but doubled shield with full P+T to left, nice VF with orange sediment in crevices as from the ca.-1629 "Panama Hoard." Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, Philip IV, assayer P (mid-1620s), quadrants of cross transposed. S-P23; KM-19a; Cal-Type 327. 27.26 grams. Broad, oblong flan with choice full shield, full but doubled cross, clear P-dot-P, denomination and king's ordinal III, most of crown, bottom of digits 62 of date visible, VF with nice toning, tiny spots of verdigris on cross. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1629 T, denomination 8, heavy-dot borders, NGC AU 55. S-P26; KM-19a; Cal-1454. 26.97 grams. Bold full 29 of date outside of full but off-center cross, the shield also full and well detailed, with bold P-dot-T to left and denomination dot-8-dot to right, nearly full crown, lightly brown-toned all over. This scarce variety shows the transition between the heavier style of <1629 and the finer style of 1629+, as the borders contain big dots but the denomination has already been changed from o-VIII to 8 (open at top left). NGC #6272344-010. Pedigreed to the Ponterio auction of June 1993, with original lot-tag 702.

Potosi, Bolivia, cob 8 reales, 1629 T, denomination 8, fine-dot borders, NGC AU 58. S-P26; KM-19a; Cal-1454. 26.85 grams. Full and sharply detailed shield and cross-lions-castles, the date manifest as a full sideways N and 9 (shifted inward due to doubling), clear P-T and bold full denomination, frosty surfaces commensurate with its choice grade, in fact the second highest grade in the NGC census behind a pair of MS 61's. NGC #6271338-001. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1631 T, fleury-cross ornaments. S-P26; KM-19a; Cal-1456. 27.54 grams. Large flan of uneven thickness, with nearly full and well detailed shield and cross, both slightly doubled but as a result the 631 of the date is fully visible (very rare thus), neat cross-fleury ornaments between mintmark P and assayer T and also above the denomination 8, lightly toned VF+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1632 T. S-P26; KM-19a; Cal-1457. 27.34 grams. Thick flan (small diameter) with full and well-detailed shield, bold denomination dot-8-dot to right, full but doubled cross with full 1632 date shifted clockwise so that the 3 is on top of the 2, the surfaces frosty (non-toned) and close to AU.

Potosi, Bolivia, cob 8 reales, 1633 T. S-P26; KM-19a; Cal-1458. 24.69 grams. Bold full 33 of date (scarce thus), clear P-T and denomination dot-8-dot, good full cross and shield (the latter with scratches at top left), well-detailed Fine with contrasting toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1634 T, rare, first cob collected by Paoletti, ex-Burzio, ex-Martini, ex-Janson, with hardbound copy #1 of Paoletti's book 8 Reales Cobs of Potosi (3rd ed., 2016). S-P26; KM-19a; Cal-1459. 26.78 grams. Choice round flan with lovely rich toning, clear bottom half of date and king's name, plus bold P-T and denomination dot-8-dot, the shield and (doubled) cross both full but with small streak of weak strike near centers due to uneven thickness, VF grade, definitely a premium coin even without its impressive pedigree. This important coin passed through the hands of several famous Argentine numismatists--Humberto Burzio, Siro de Martini and Hector Carlos Janson--before it was purchased by Emilio Paoletti in 1974, ostensibly his first cob and the inspiration for his grand opus that in 2016 culminated in the third edition of the 8 Reales Cobs of Potosi, his final work in this field. In correspondence he referred to it as "la primera moneda macuquina con la cual empece mi pasion por las piezas del virreynado y que me impulso a estudiar mas profundamente y coleccionar las mismas." Ironically, it was not plated in his book, so Emilio decided to memorialize this coin, which had so inspired him, by consigning it to our Auction 20 in 2016 (the last time it changed hands) along with copy #1 of his book, specially autographed for the occasion. We trust the winning bidder will be similarly inspired and perhaps become the next big scholar of Potosi cob 8 reales. Pedigreed to the Humberto Burzio, Siro de Martini, Hector Carlos Janson and Emilio Paoletti collections, accompanied by hardbound copy #1 of Paoletti's book 8 Reales Cobs of Potosi (3rd ed., 2016) and signed by him on the first page where the number 001 appears, with "Buenos Aires" and date 3.3.2016, also pedigreed to our Auction 20, with original lot-tag 777 and photo-certificate.

Potosi, Bolivia, cob 8 reales, 1642 FR, rare. S-P28; KM-19a; Cal-1470. 27.39 grams. Important example with full P-dot-FR and full final 2 of date (rare to see both), with good full cross showing "furry" lions and also full shield, nicely toned all over, About Fine with flat areas. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1645 T, NGC AU 53. S-P30; KM-19a; Cal-1474. 27.58 grams. Typically crude strike with lots of flatness (and more like XF to our eyes), full 5 and most of the 4 of date (not mentioned on NGC label), full but off-center cross and shield, nearly full crown, lightly toned. NGC #6272344-012.

Potosi, Bolivia, cob 8 reales, Philip IV, assayer V (1646), rare. S-P32; KM-19a; Cal-1479. 22.86 grams. Rather low in weight (as made, not unusual for this mint-scandal period), with clear P-V to left of good full shield, choice full cross-lions-castles ("furry" lions), attractively toned Fine with edge-split. XRF test results: 93.25% silver, 6.25% copper, traces of lead. Pedigreed to the Jorge Ugaz collection. (Note: The printed catalog says 26.25% copper in error.)

Potosi, Bolivia, cob 8 reales, Philip IV, assayer P (1646-47), very rare. S-P33; KM-19a; Cal-Type 327. 24.78 grams. Typically crude and worn (Fine or so, with black toning in crevices), with good (for the era) full shield and cross ("furry" lions), but most important is the full P-dot-P to left and full 64 of date in small digits (only 1646 and 1647 are possible), this assayer being far rarer than the already elusive assayer V of 1646 (see previous lot), both of which were mostly melted during the mint-scandal recall in 1652, as this low-weight coin should have been as well, given its very low fineness. XRF test results: 82.5% silver, 16.8% copper, traces of iron and lead. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1647 Z, very rare. S-P34; KM-19a; Cal-unl. 21.00 grams. Very low weight (as made) and also very low in fineness (a perfect example of the mint scandal that was rectified in 1652), with bold P-Z, clear 47 of date, good full cross and shield, nicely toned VF. XRF results: 81% silver, 19% copper, traces of lead. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1649 Z, rare. S-P34; KM-19a; Cal-1485. 25.79 grams. Choice specimen with bold full P-Z and denomination dot-8-dot flanking full but doubled shield, full but off-center cross with parts of full 1649 date in legend, Fine+ with deeply toned fields, light scratches. The weight is a little low, but at least the low-fineness problem had been fixed by 1649, generally speaking. XRF test results: 94.5% silver, 4.86% copper, traces of iron and lead. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal, 1649 O, very rare. S-P35; KM-R19b; Cal-1390. 26.26 grams. Remarkably broad flan that extends well past the outer borders, with full legends (king's name as PHELIPVS per the period) and nearly full crown, full interiors (good cross, weaker shield), toned Fine with traces of gilding-removal, significantly without hole but with small, tangential segment broken off in its time, perhaps to regulate the weight (or evidence of some other type of pendant use instead of a hole), as it has been seen before on at least one other example (Guttag/Yriarte/Gibbs specimen, UBS Auction 70, March 2007, lot 65, similar weight), a die-match with Lazaro #110 (rated RX, meaning no more than three known, but our count is now four with this newly discovered example), first we have offered of this date.

Potosi, Bolivia, cob 8 reales, 1650 O, no countermark (rare), NGC AU 58, finest and only example in NGC census. S-P35; KM-19b; Cal-1488. 27.12 grams. Broad, round flan with much legend including bold king's ordinal IIII, small parts of date, nearly full crown, two bold assayers, the shield and cross both full but with small flat areas, all nicely toned but with faint stain on obverse, rare grade and particularly rare as non-salvage. NGC #6271338-002. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, (1650) O, no countermark (rare), Mastalir Plate. S-P35; KM-19b; Cal-1488. 26.86 grams. Very rare subtype lacking dots above/below/between the mintmark and assayer and denomination (clear P-O and 8-O), nicely toned AVF with full but doubled and partially flat shield and cross, strange depression above shield caused by the double-striking, natural lacuna to right of cross, rare as non-salvage. Pedigreed to the Roberto Mastalir Collection of Countermarked Potosi Cobs, Plate Coin (page 451 in Part B) in his book The Great Transition at the Potosi Mint, 1649-1653, The 1649-1652 Crowned Shield Coinage and the Countermarks of 1652 (2021).

Potosi, Bolivia, cob 8 reales, (1650) O, with crowned-F (Mastalir Fa2-x) countermark on cross, rare. S-P35; KM-19b; Cal-1488. 28.12 grams. Oblong flan with full but partially weak shield and cross, full 8-O to right and most of crown above, top half of countermark clear on cross (normally seen on shield side), rare as non-salvage, attractively toned Fine. Pedigreed to the Roberto Mastalir Collection of Countermarked Potosi Cobs, Plate Coin (page 343 in Part B) in his book The Great Transition at the Potosi Mint, 1649-1653, The 1649-1652 Crowned Shield Coinage and the Countermarks of 1652 (2021).

Potosi, Bolivia, cob 8 reales, 1650 O, with crowned-arms (Mastalir Asb) countermark on cross, rare. S-P35; KM-19b; Cal-1488. 28.06 grams. Scarce type with finer-style shield details, as well as an improved castle and corrected spelling of king's name as PHILIPPVS with an I instead of an E, within which this is a rare subtype with modern 5 and dots between digits of date and single large dot after the date (here visible as just 5-dot-0-dot), also rare as non-salvage, with full but slightly doubled shield with clear P-O to left and 8-O to right, nearly full but off-center cross with deeply impressed countermark unusually somewhat removed from the edge, nicely toned VF. Pedigreed to the Roberto Mastalir Collection of Countermarked Potosi Cobs, Plate Coin (page 92 in Part A and page 62 in Part B) in his book The Great Transition at the Potosi Mint, 1649-1653, The 1649-1652 Crowned Shield Coinage and the Countermarks of 1652 (2021).

Potosi, Bolivia, cob 8 reales, 1651 E, crowned-L (Mastalir Lbb) countermark on shield. S-P36; KM-19b; Cal-1491. 24.35 grams. Somewhat thin and underweight from light, localized surface corrosion (unspecified salvage), with bold dot-P-E-dot to left of nice full shield with nearly complete countermark, full but weaker cross with bold final 1 and parts of 165 of date, some brown toning and spots of dark encrustation, VF details. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, (1651-2) E, crowned-F (Mastalir Fa1) countermark on shield. S-P36; KM-19b; Cal-Type 327. 26.75 grams. Broad flan with flat peripheries and weakly struck cross, full shield with full and well-detailed countermark (two dots, no border), partial date 165, weak assayer, VG with dark purplish discoloration and scratches. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer R (Rincon) to left. S-P1; KM-4.2; Cal-518. 13.27 grams. Very broad flan with superb full details on both sides, including legends and crown, very useful for die study (note the shield lacks a central pomegranate) but also beautiful for jewelry, XF grade with faint evidence of gilding-removal, the fields now deeply toned (great contrast). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer R (Rincon) to left, NGC VF details / tooled. S-P1; KM-4.2; Cal-518. 13.41 grams. Broad flan with nice full shield (slightly doubled) and cross-lions-castles, nearly full legends and crown, deeply purple-toned fields, possible gilding-removal (tooling). NGC #6271338-004. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, Philip II, assayer R (Rincon) to left. S-P1; KM-4.2; Cal-518. 12.58 grams. Very broad flan extending past outer border in places, with full but mostly flat legends and crown, superb full cross-lions-castles and well-detailed full shield, weak P-R, slightly porous AU with toned fields for good contrast.

Potosi, Bolivia, cob 4 reales, Philip II, assayer M/R (small M) to right, very rare. S-P2; KM-4.2; Cal-unl. 13.24 grams. Well-detailed AVF, faintly toned in crevices, with much legend and choice full shield and cross, the P-M clearly offset-punched over earlier P-R (not P-oD, as stated for another example with the same dies in the Galerie des Monnaies auction of February 1980, lot 1166). Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer M (large) to left, rare. S-P2; KM-4.2; Cal-520. 13.19 grams. Very broad flan extending past outer borders in places, with practically full legends (great for die study!) and nearly full crown in addition to the well-detailed full shield and cross-lions-castles, XF details with light surface corrosion, a few tiny dark spots but non-toned overall, the P-M slightly doubled but possibly also punched over earlier letters, flat lions per Sellschopp #30 (a full die-match). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer L (1st period) to right, rare. S-P3; KM-unl (4.2 for type); Cal-523. 13.53 grams. Very broad flan with practically full details and almost the entire outer border of dots (rare to see that!), nearly full crown, choice full shield and cross, full P-L to right that is offset-punched over what appears to be a previous P-L (both with small P), same dies as Sellschopp #57, XF with very faint but even toning. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer L (1st period) to left, rare, NGC XF details / reverse scratched. S-P3; KM-4.2; Cal-522. 13.43 grams. Beautifully toned over choice full details including crown and legends, broad round flan, variety with tiny mintmark P and "dancing" (not "flat") lions in cross (same dies as Sellschopp #55), the unfortunate long scratch on reverse clearly old and toned-over (in fact, easy to miss in the right light). NGC #6271338-006. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, Philip II, assayer L (1st period) to left, rare. S-P3; KM-4.2; Cal-522. 13.68 grams. Problem-free XF with superb full shield and crown and cross, nearly full legends, same dies (tiny P and "dancing" lions) as previous lot (Sellschopp #55), light natural toning all over. Pedigreed to the Barry Stallard collection and to the Coin Galleries auction of November 1984 (lot 1266).

Potosi, Bolivia, cob 4 reales, Philip II, assayer B/L (1st period). S-P4; KM-4.2; Cal-unl. 13.50 grams. Nice AXF with well-detailed (but very slightly doubled) full shield and crown, clear P-B with tiny P and the B either punched over or made from an L, full cross-lions-castles ("flat" lions), nearly full legends, attractively toned on fields and with a couple dark stains near edge. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (1st period), dissimilar lions (rare). S-P4; KM-4.2; Cal-525. 12.95 grams. Very broad flan with 100% full and choice details (even the outer borders of dots are mostly visible), old-toned AXF, remarkably with two different lions on the reverse (Seville lions at upper right and "flat" lions at lower left), the assayer B somewhat "boxy" as if hand-crafted from an L punch. Pedigreed to the Barry Stallard collection and to the Ponterio auction of December 1986, lot 977.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (1st period), NGC AU details / cleaned. S-P4; KM-4.2; Cal-525. 13.65 grams. Choice grade, with very bold and sharply detailed full shield and cross-lions-castles ("dancing" lions), bold P-B with tiny P, about half of crown but not much legend (still enough to discern it's ISP- without H), very frosty and lustrous all over. NGC #6271338-007. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (1st period). S-P4; KM-4.2; Cal-525. 13.50 grams. Excellent full shield and cross-lions-castles ("dancing" lions), much legend (ISP- without H) and full but mostly flat crown, bold assayer B (weaker small-P mintmark), silvery AU.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (1st period). S-P4; KM-4.2; Cal-525. 13.63 grams. Nicely toned VF with some central weakness but clear full shield and cross-lions-castles ("dancing" lions), also full crown and much legend including a clear HISP- (with H), broad flan, full P-B (obverse die-match with Sellschopp #150). Pedigreed to the Barry Stallard collection and to the Christensen auction of October 1976, with original lot-tag 1706.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (2nd period). S-P6; KM-4.2; Cal-525. 13.90 grams. Choice bold strike and grade (near AU with luster on fields, lightly toned all over), with nearly full crown and legends (HISP-) and well-detailed full shield and cross-lions-castles ("dancing" lions), full P-B, overall heavier style than 1st period, with looser-dot borders and slightly different style of castles. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer C below erased B, very rare, NGC VF 35, finest and only example in NGC census. S-P5; KM-4.2; Cal-524. 13.71 grams. Choice specimen with full and bold shield and cross-lions-castles, full P-erasure C with some evidence of the B inside the erasure, much legend and crown, the fields nicely toned but with some black encrustation in places. While this rare issue (once attributed to La Plata in error by Sellschopp, who did not have any 4R examples) shows the "dancing" lions of earlier assayers, the overall style is closer to 3rd-period B than to 2nd (note the "boxy" shield and heavier dots), so we believe the erased letter is just B without any complication with assayer L (or especially M). NGC #6271338-008. Pedigreed to the Jorge Ugaz collection (stated on label) and to Sedwick Auction 24 (lot 779).

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (3rd period), NGC XF details / cleaned. S-P10; KM-4.2; Cal-525. 13.35 grams. Earlier style of 3rd period on a broad flan with choice full shield (note eight fleurs-de-lis in New Burgundy) with bold P-B to left, good full crown and cross and some legend, silvery with some light scuffing and a scratch or two. NGC #5965052-011.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (3rd period), NGC XF 40. S-P10; KM-4.2; Cal-525. 13.52 grams. Later die-style of 3rd period with wider-spaced details, the shield and cross-lions-castles both full and sharp but with small natural lacuna in shield, nearly full crown and much legend, bold assayer B, very lightly toned. NGC #6271338-009. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (3rd period). S-P10; KM-4.2; Cal-525. 13.77 grams. Full and well-detailed crown and shield and cross-lions-castles with new "four-window" castles (Sellschopp #184), full P-B, attractively toned AXF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer A. S-P11; KM-4.2; Cal-527. 13.53 grams. Choice full cross-lions-castles and well-detailed full shield with bold P-A, deeply toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer RL, long-tailed lions. S-P13; KM-4.2; Cal-528. 13.41 grams. Bold full cross-lions-castles with strange lions displaying lengthened tails (die-match with Sellschopp #352), choice full crown above nearly full shield with bold full P-RL to left, attractively toned VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer RL. S-P13; KM-4.2; Cal-528. 12.67 grams. Very broad flan for this assayer (small RL monogram), with choice full crown and shield and cross-lions-castles, VF with deeply toned fields, quite nice. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (5th period). S-P14; KM-4.2; Cal-525. 13.11 grams. Presumably an early variety within 5th-period B (formerly attributed to 3rd period) with distinctive lions and characteristic X-shaped arrangement of fleurs in New Burgundy (see lot 521 for an 8 reales), the shield and cross both full but doubled, with bold P-B, darkly toned AVF with some light scratches. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip II, assayer B (5th period), border of x's on cross side only. S-P14; KM-4.3; Cal-525. 13.49 grams. Doubled but well-detailed full shield and cross, bold full P-B, AXF with some old scratches on shield, faint toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip III, assayer M/Q, quadrants of cross transposed, rare. S-P18; KM-9; Cal-unl. 13.45 grams. Crude off-center obverse but with full and bold P-dot-M/Q, nice full cross-lions-castles, silvery AU with light corrosion at edge. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip III, assayer M, quadrants of cross transposed, rare. S-P18; KM-9; Cal-unl. 13.48 grams. Full but somewhat crude shield with full P-dot-M to left and denomination o-iiii to right, oversized full cross-lions-castles, richly old-toned VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip III, assayer T, denomination as o4 in retrograde (ca. 1618). S-P21; KM-9; Cal-776. 13.00 grams. Well-detailed full shield with bold denomination to right, weak P-x-T to left, good full cross-lions-castles, AVF with deep toning on fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip IV, assayer P/T, quadrants of cross transposed (ca. 1622). S-P22; KM-unl (17 for type); Cal-unl. 13.29 grams. Good full shield with bold P*P/T to left, full but doubled and slightly off-center cross, AVF with toned fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, Philip IV, assayer Z (1647-9). S-P34; KM-17a; Cal-Type 279. 14.02 grams. Bold full assayer Z (scarce) plus some shield and cross but rest of coin flat, with parts of edge crude, lightly toned About Fine, curiously overweight. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, (1651-2) E, crowned-F (Mastalir Fa1) countermark on shield. S-P36; KM-17b; Cal-Type 279. 12.25 grams. Choice full shield with most of countermark, both assayers clear, full but slightly doubled cross, Fine+ with some flat spots, darkly toned fields, minor edge-splits. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.61 grams. Broad flan with choice full details, including the crown and at least the bottom half of the whole legend, bold P-R to left (note: P-R to right is not known in this denomination) and denomination ii to right, VF with contrasting toning in crevices (Stallard dies O2/B1). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.70 grams. Broad flan with full interior details and most of legends and crown, clear P-R, low-relief AVF with some dark stains (Stallard dies O2/B1). Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.65 grams. Richly toned VF (very natural "skin") with fully detailed interiors and most of crown and legend (Stallard dies O2/B3). Pedigreed to the Barry Stallard collection and to Sedwick Auction 21, with original lot-tag 912.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.67 grams. Choice round flan that is broad enough to enable all the legends and crown to be visible (albeit slightly doubled), in addition to the choice interiors with bold full P-R, distinctive dies with Lima-style castles and HISP- with H (Stallard dies O3/A3), richly toned AXF. Pedigreed to the Barry Stallard collection, purchased from Douglas Weaver in December 1972.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.87 grams. Mostly crisply detailed XF with toning in crevices, a few minor flat spots, much legend and nearly full crown, full P-R and denomination ii, distinctive reverse with large castles and "dancing" lions (from Lima) in cross (Stallard dies O3/C1). Pedigreed to the Barry Stallard collection and to Sedwick Auction 27, with original lot-tag 575.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.54 grams. Nice full shield and crown and cross-lions-castles, bold P-R and denomination ii, VF with scratches and porosity on reverse in addition to some dark, crusty toning (Stallard dies O4/B1). Pedigreed to the Barry Stallard collection, and to the Casa Numismatica "International" (Leissering) Price List No. 4 (October 1984), with original lot-tag 55.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.62 grams. Good full cross and shield, nearly full crown and much legend, bold P-R and denomination ii, toned VF with some spots of orange encrustation and dark stains (Stallard dies O4/B3). Pedigreed to the Barry Stallard collection and to Sedwick Auction 11, with original lot-tag 745.

Potosi, Bolivia, cob 2 reales, Philip II, assayer R (Rincon). S-P1; KM-3.2; Cal-364. 6.79 grams. Lightly toned VF with good full shield and cross, the latter with distinctive large castles and "dancing" lions (from Lima), nearly full crown and much legend (Stallard dies O4/C2). Pedigreed to the Barry Stallard collection, with Freeman Craig tag from 1986.

Potosi, Bolivia, cob 2 reales, Philip II, assayer M/R to left, very rare. S-P2; KM-3.2; Cal-unl. 6.58 grams. Choice full shield and cross-lions-castles, similar to but not exactly matching Stallard dies O1-O2 and B (possibly indicative of dies prepared for but never used by Rincon), with darkly toned fields for great contrast, bold P-M/R, VF+ with plugged hole in crown. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer M (large) to right, rare, ex-Atocha Research Collection. S-P2; KM-3.2; Cal-unl. 6.60 grams. This coin is a thrill on many levels: First, it is very choice example from the Atocha (1622), pedigreed to the famous Research Collection, with no corrosion and XF/VF details, excellent full shield and cross, much legend and nearly full crown. Second, it is a rare early issue with P-M to right ("large" M meaning a complete capital M with straight sides, as opposed to the "small" M with lower middle part and serifs); but to the early Potosi scholar what may be the most interesting is that it is struck from the same obverse die as Research Collection coin 37 (sold as lot 1051 in the Ponterio auction of March 1996 with incorrect RC reference) with assayer B punched over denomination ii to left and new denomination ii punched over P-M to right, a confusing re-use that skipped assayer L in between. Pedigreed to the Barry Stallard collection and to the Atocha Research Collection (coin 21), with original Fisher tag 236072.

Potosi, Bolivia, cob 2 reales, Philip II, assayer L below mintmark P to left, denomination ii over erased P-M to right, rare. S-P3; KM-3.3; Cal-unl. 6.78 grams. Superb full shield and cross-lions-castles ("flat" lions), also some legend (enough to see HISP-), the P-L to left (possibly over something else) and denomination ii to right (punched over P-M) both quite bold, very attractively toned VF+ with hole near top of shield. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer L over erased M below mintmark P to left, rare. S-P3; KM-3.3; Cal-unl. 6.77 grams. Very broad flan with 100% full crown (with lower loop) and much legend, choice full shield and cross-lions-castles ("flat" lions), bold P-L with obvious erasure behind the L that has to be a former M, lightly toned AXF, overall superior to Sellschopp #64 (same obverse die, similar reverse die) but with hole near bottom. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer L/L over erased M(?) below mintmark P to left, rare. S-P3; KM-3.3; Cal-unl. 6.91 grams. Small-flan AXF with lovely old toning, choice full cross-lions-castles (Rincon-style reverse) and shield with very bold L punched over an offset L that appears to have been previously punched over an erased letter (probably M). Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer L/L over erased M(?) below mintmark P to left, rare. S-P3; KM-3.3; Cal-unl. 6.77 grams. Same dies as previous lot but with more legend (clear ISP-) and slightly lower grade (VF+) with less contrast. Pedigreed to the UBS auction of March 2007, with original lot-tag #5.

Potosi, Bolivia, cob 2 reales, Philip II, assayer L over erasure below mintmark P to left. S-P9; KM-3.2; Cal-366. 6.07 grams. Broad round flan with small edge-split, nearly full legends, well-detailed full crown and shield and cross-lions-castles ("Seville" lions), full and bold P-L, interesting hybrid of an earlier reverse with tight-dot border and a later obverse with looser-dot border and an unidentified erasure (could be a B) behind the L, toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B/L below mintmark P to left, denomination ii over erased P-M to right, rare. S-P4; KM-3.3; Cal-unl. 6.82 grams. Full and well-detailed shield and cross-lions-castles ("Seville" lions), XF with a few minor flat spots, small areas of toning in crevices, the tiny mintmark P and assayer B/L bold, with bold denomination ii punched over a weak but certain P-M, fascinating instance of a coin die used by three different assayers. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B (1st period). S-P4; KM-3.2; Cal-370. 6.95 grams. Very broad flan with much bold legend (clear ISP-) and 100% full crown, bold P-B in tiny letters (the latter with weak bottom, distinctive for this early issue), choice full shield and cross-lions-castles ("Seville" lions), XF with attractively toned fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B (1st period). S-P4; KM-3.2; Cal-370. 6.28 grams. Same obverse die as previous lot with similar reverse, slightly smaller flan but also well detailed and XF for grade, with choice toning hiding some light scratches. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B (1st period), NGC XF 40. S-P4; KM-3.2; Cal-370. 6.64 grams. Broad flan with much legend (ISP-) and crown, full shield and cross-lions-castles ("flat" lions, believed to be slightly later than "Seville" lions), lustrous and very lightly toned, a few minor flan-cracks. NGC #5965052-013.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B (1st period). S-P4; KM-3.2; Cal-370. 6.79 grams. Lightly toned XF with choice full shield and cross-lions-castles ("flat" lions), nearly full crown but not much legend and part of edge crude (as made), assayer as a tiny crude B per the period. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer C below erasure, rare. S-P5; KM-3.2; Cal-368. 6.57 grams. Broad-flan VF with 100% full crown and much legend (HISP-), good full shield and cross-lions-castles ("flat" lions), bold full P-erasure-C (the erasure decidedly of a B or B/L, but no letters visible inside), small spots of black and green encrustation. Pedigreed to the Jorge Ugaz collection, pedigreed to the Swiss Bank Corp auction of September 1997 (lot 1798).

Potosi, Bolivia, cob 2 reales, Philip II, assayer C (no erasure), very rare. S-P5; KM-3.2; Cal-369. 6.30 grams. AVF with contrasting toning, full and well-detailed shield, full but partially weak cross ("flat" lions), much legend (HISP-) and nearly full crown, but most important aspect is the full and clear P-C without any erasure or over-punching (hence a new die), plugged hole in crown / left of cross. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, Philip II, assayer B (5th period), borders of x's on both sides, NGC AU 55, finest known in NGC census. S-P14; KM-3.4; Cal-370. 6.67 grams. Broad flan for the period, with bold but somewhat crude shield and cross, prominent borders of x's, full P-B, no toning, lustrous all over indicative of very high grade (the best of eleven in current NGC census, which does not distinguish between all the periods of assayer B). NGC #5965053-001.

Potosi, Bolivia, cob 2 reales, 1621 T, rotated lions, rare. S-P21; KM-8; Cal-634. 6.22 grams. Choice full shield (bold) and cross with lions rotated 90 degrees counterclockwise, bold "ZI" (21) of date, clear assayer T and bold denomination "Z", lustrous AU with very light surface porosity.

Potosi (or La Plata), Bolivia, cob 1 real, Philip II, assayer R (Rincon) below mintmark P to left, rare. S-P1; KM-2.2; Cal-237. 3.18 grams. Only seven pieces out of nearly three dozen Rincon 1R known to us have P-R to left, and all of them are from the same obverse die (Stallard O1). Two are struck from the same reverse die as the known Lima 1R of assayer X, so those are widely believed to have been struck at the ephemeral La Plata mint before the Potosi mint started in 1574. But research is starting to show that the R-to-left 1R like this one with new reverse die (Stallard E) may also be from La Plata. The current example shows a choice full shield and cross-lions-castles, the former with distinctive wear and die-break at top right, full but doubled assayer, deeply toned VF. It is also somewhat underweight, like the two known examples with Lima reverses, perhaps another sign of La Plata mintage. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 1 real, Philip II, assayer R (Rincon) below mintmark P to right. S-P1; KM-2.1; Cal-238. 3.38 grams. Interesting hybrid with good full cross showing a deteriorated Lima lion in bottom left quadrant (Stallard dies O2/F), smallish flan with full crown above choice full shield flanked by bold denomination I to left and mintmark P to right above a weak but certain assayer R, toned VF. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 1 real, Philip II, assayer R (Rincon) below mintmark P to right, ex-Dym. S-P1; KM-2.1; Cal-238. 3.41 grams. Smallish flan with choice full shield and cross-lions-castles (Stallard dies O3/C), most of crown and small parts of legend (ISP-), attractively toned XF+. Pedigreed to the Barry Stallard collection and to the Kurt Dym collection.

Potosi, Bolivia, cob 1 real, Philip II, assayer M to left, rare. S-P2; KM-2.2; Cal-239. 3.35 grams. Nice VF with bold full P-M (small) to left and denomination I to right, nearly full crown (with lower loop) and some legend (ISP-), well-detailed full shield and (slightly doubled) cross-lions-castles ("Seville" lions), full die-match with Sellschopp #36, attractively old-toned all over. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 1 real, Philip II, assayer L/erasure to left, rare. S-P3; KM-2.2; Cal-240. 2.94 grams. Broad-flan VF with nice toning, full crown (with lower loop) and much legend (HISP-), bold P-L with tiny mintmark and the L punched over a partially erased letter that looks like M but could be B (obverse die-match with Sellschopp #60), well-detailed full shield and cross ("Seville" lions, the reverse a die-match with lot 549 of the Galerie des Monnaies auction of February 1982), with tiny hole near edge and some light tooling under the toning, inexplicably underweight. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 1 real, Philip II, assayer L/L/erasure to left, rare. S-P3; KM-2.2; Cal-240. 3.30 grams. Bold full cross ("Seville" lions) and shield with very bold P-L to left (the L punched over an offset L and something else that was erased, either M or B) and denomination I to right, AXF with dark toning in crevices.

Potosi, Bolivia, cob 1 real, Philip II, assayer B (1st period). S-P4; KM-2.2; Cal-242. 3.30 grams. Choice full crown and shield and cross-lions-castles ("Seville" lions), with bold mintmark and denomination, the B clear but slightly crude, some legend (ISP-), XF with lovely old toning all over, also an interesting coin for studying die-wear (breaks in center of shield and on tails of lions on reverse). Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 1/2 real, Philip II, assayer R (Rincon) to right, mintmark P to left, ex-Karon. S-P1; KM-1.1; Cal-135. 1.62 grams. Choice XF+ details with attractive toning, the cross-lions-castles particularly sharp and with full monogram with crown above (with lower loop), bold P to left and R to right, full legend DEI , GRATIA , ISPANIARVM, desirable pedigree, small hole at edge. Pedigreed to the Barry Stallard collection and to the Paul Karon collection (Ponterio auction of March 1990, lot 953).

Potosi, Bolivia, cob 1/2 real, Philip II, assayer R (Rincon) to right, mintmark P to left. S-P1; KM-1.1; Cal-135. 1.62 grams. Broad flan with nearly full crown and legends (same punches as previous lot but different dies), choice full inner details, lightly toned XF.

Potosi, Bolivia, cob 1/2 real, Philip II, assayer M below, mintmark P to left of monogram, rare. S-P2; KM-1.2; Cal-138. 1.60 grams. Broad flan with nearly full crown and legends (same punches as Sellschopp #37 but different dies), with particularly sharp P to left and M (small) below the full monogram, full cross, toned VF. Pedigreed to the Barry Stallard collection.

Potosi, Bolivia, cob 8 reales, 1652 E transitional Type III/A, NGC AU 55, finest and only example in NGC census for this variety. S-P37; KM-A20.3; Cal-unl. 26.32 grams. Choice full pillars-and-waves with bold E-dot-E across bottom, clear 1652 date and PERV in legend, nice crown flanked with dots above pillars, the other side even more impressive (albeit slightly off-center) with full A-P-8 and O-E-52 flanking the full shield with full crown above and king's ordinal IIII in legend, toned in crevices, slightly crude edge (as made). NGC #6271297-001. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1652 E transitional Type IV/A, ex-Capitana (1654). S-P37; KM-A20.4; Cal-1493. 26.88 grams. Superb details contrasted with darkly toned fields, with full pillars-and-waves showing a complete F-8-IIII in top line and E-8-E in bottom line, also full crown, bold PERV and clear bottom of 1652 date on that side, the other side with very bold full shield and clear A-P-8 to left and O-E-52 to right, much legend (slightly off-center), AU details with minimal surface corrosion, small edge-split. Pedigreed to the Jorge Ugaz collection, from the Capitana (1654).

Potosi, Bolivia, cob 4 reales, 1652 E transitional, McLean Type I/A, rare. S-P37; KM-A18; Cal-1109. 13.11 grams. Choice, broad, round flan with 100% full pillars-and-waves containing a clear F-4-IIII in top row and E-4-E in bottom row, full but weaker shield with bold A-P-4 to left and (O)-E-52 to right, much legend, slightly doubled, salvaged VF (probably Capitana of 1654) with contrasting toning on fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1652 E transitional, McLean Type I/A, rare. S-P37; KM-A18; Cal-1109. 10.87 grams. Choice full shield with bold A at top left and O-E-5(2) to right, full pillars with clear F-4-III in top line and 4 at bottom-middle, choice full crown above, XF details but with parts of edge corroded away (probably from the Capitana of 1654). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1652 E transitional, McLean Type V/B (Mastalir 1-B), very rare, Mastalir Plate. S-P37; KM-A16.2; Cal-916. 7.71 grams. Broad flan with good full pillars and cross-lions-castles but peripheries flat, clear F-2-IIII in top row and E-2-E in bottom row, bold date below cross plus hint of second date in pillars-side legend, salvaged AU with traces of dark encrustation in crevices. Pedigreed to the Jorge Ugaz collection, Plate Coin on page 108 of Robert Mastalir's The Great Transition at the Potosi Mint, 1649-1653, The 1652 Transitional Minor Denominations 4, 2, 1 and 1/2 reales (2016).

Potosi, Bolivia, cob 8 reales, 1652 E post-transitional (Transitional Type VIII/B), 1-PH-6 at top. S-P37a; KM-21; Cal-1500. 26.75 grams. Choice pillars-and-waves with full and well-centered details on that side, the cross also full but partially flat and slightly off-center, full king's ordinal IIII, three dates, AVF with darkly toned fields (great contrast), edge-split. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1652 E post-transitional (Transitional Type VIII/B), 1-PH-6 at top. S-P37a; KM-21; Cal-1500. 27.30 grams. Broad flan with full pillars-and-waves and (off-center) cross-lions-castles (both slightly doubled), three dates, small edge-splits, nicely toned VF. Pedigreed to the Jess Peters auction of February 1971 (lot 1001).

Potosi, Bolivia, cob 8 reales, 1653 E, dot-PH-dot at top, four-digit date below cross, NGC AU 58, finest known in NGC census. S-P37a; KM-21; Cal-1504. 26.66 grams. Beautifully toned and with choice high points, including two dates and part of a third (the one below the cross being the scarce variety in four digits, more typical of Royals for this date), crown and PH at top of pillars and crown and pomegranate above the full cross, but also some flat spots, overall quite attractive with natural, unmolested surfaces. NGC #6272344-009. Pedigreed to the Ponterio auction of June 1993, with original lot-tag 710.

Potosi, Bolivia, cob 8 reales Royal (galano), 1654 E, dot-PH-dot at top, pomegranate above cross, rare, NGC XF details / plugged. S-P37a; KM-R21; Cal-1413. 26.67 grams. Broad flan with full legends and choice interiors (just a hint of doubling) contrasted with darkly toned fields, the expertly repaired hole hidden in the king's ordinal IIII, die-match with Lazaro #140 (rated R3), very attractive overall. NGC #5964135-002. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1654 E, dot-PH-dot at top, pomegranate above cross. S-P37a; KM-21; Cal-1506. 27.57 grams. Round flan with good full pillars-and-waves (slightly doubled) and cross-lions-castles, bold PH, three assayers, two full dates and part of a third in the legend, VF with very light toning in crevices and traces of surface pitting and verdigris. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1655 E, PH at top, denomination 8 above cross. S-P37a; KM-21; Cal-1510. 27.18 grams. Full pillars with choice tops, tiny PH, good full cross, all three dates (bold 655 in legend) and mintmarks, two assayers, nicely toned AVF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1656 E, PH at top, pomegranate above cross, rare, NGC VF 35, finest and only example in NGC census. S-P37a; KM-R21; Cal-1416. 26.77 grams. Broad flan with choice full legends (slightly doubled) and interiors, finer style that is more like 1657 than 1655, die-match with Lazaro #145 (R2), richly toned all over, highly desirable as unholed, best at NGC for the PH variety (one finer at XF 45 without PH at top). NGC #5964135-006. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales Royal (galano), 1657 E, pomegranate above cross, PCGS XF details / holed. S-P37a; KM-R21; Cal-1419. 25.60 grams. The date 1657, being the very end of all the transitional experimentation that started in 1652, is characterized by lots of variation in its 8R Royals, enabling Lazaro to find seven different varieties (with multiple examples of each), this one (die-match with Lazaro #154 ([R3]) noteworthy for its complete pomegranate with flanking leaves between the tops of the pillars, with choice full details (including legends) on a broad, round flan with practically no doubling or weak strike, richly toned, holed outside the right end of the cross. PCGS #35342265.

Potosi, Bolivia, cob 8 reales, 1657 E, pomegranate above cross. S-P37a; KM-21; Cal-1519. 27.19 grams. Bold full pillars-and-waves and cross-lions-castles, both well centered and fully detailed (the peripheries flat in comparison), with at least parts of all three dates and mintmarks and assayers visible, richly toned AXF with tiny edge-split. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1657 E, pomegranate above cross. S-P37a; KM-21; Cal-1520. 26.10 grams. Toned AVF with remarkably full and bold 1658 date in legend, the other two dates full as well, also all three mintmarks and assayers, full but partially weak cross-lions-castles and pillars-and-waves. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1663 E. S-P37a; KM-21; Cal-1527. 27.35 grams. Full pillars-and-waves with clear date in tiny digits, off-center and partially flat cross with full king's name and ordinal in legend, three full assayers, toned VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1663 E. S-P37a; KM-21; Cal-1527. 27.03 grams. Somewhat crude strike, but with full waves and one full pillar, full cross, all three dates, two mintmarks and assayers, AVF with toning in crevices.

Potosi, Bolivia, cob 8 reales, 1665 E. S-P37a; KM-21; Cal-1530. 25.35 grams. Good but doubled full pillars, nice but partially flat cross-lions-castles, three full dates (rare thus) and parts of all three mintmarks and assayers, AU with light toning on natural surfaces, edge-crack. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1669 E, NGC VF details / plugged. S-P37b; KM-R26; Cal-665. 26.83 grams. Broad flan that extends past the outer borders in places, all legends and inner details full but the centers a little weak and the peripheries somewhat doubled, unevenly toned, die-match with Lazaro #182 (R2), plugged to left of cross. NGC #4929649-001.

Potosi, Bolivia, cob 8 reales, 1669 E. S-P37b; KM-26; Cal-700. 26.99 grams. Full cross and pillars with three clear dates despite flat areas from uneven thickness, light steely toning over faintly abraded surfaces, VF overall.

Potosi, Bolivia, cob 8 reales Royal (galano), 1672 E, NGC AU details / holed. S-P37b; KM-R26; Cal-668. 24.46 grams. Attractively toned and with choice full details on a relatively broad flan, the pillars-side legend slightly truncated due to being off-center and probably lightly shaved on edge (underweight by about 2 grams), tiny hole at bottom of cross, die-match with Lazaro #189 (R2). NGC #5964135-007. Pedigreed to the Jorge Ugaz collection (stated on label) and to Sedwick Auction 26 (lot 503).

Potosi, Bolivia, cob 8 reales, 1679 C. S-P38; KM-26; Cal-714. 26.04 grams. Bold full cross, full pillars but waves flat, all three dates and assayers despite flat areas (some with marks), trifle doubling, mostly non-toned VF, scarce as non-salvage. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1680 V. S-P39; KM-26; Cal-717. 26.30 grams. Broad flan but unusually softly struck, with technically full pillars-and-waves and cross but much flatness, net AVF, richly toned. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1682 V, NGC XF details / plugged. S-P39; KM-R26; Cal-678. 26.65 grams. Bold full details with great contrasting toning, well centered and evenly struck, with no doubling or weakness anywhere, common date (die-match with Lazaro #208 [R1]) but very attractive, with expertly repaired hole to left of crown on obverse (below 8 of date on reverse). NGC #5964135-008. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1682 V. S-P39; KM-26; Cal-720. 27.59 grams. Choice specimen with lovely toning, full inner details with central flat spot, all three dates including bold full 1682 in legend, three mintmarks and assayers, small edge-crack and trace of encrustation on part of edge, XF overall. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1683 V. S-P39; KM-26; Cal-721. 27.20 grams. Bold full pillars-and-waves and cross, two dates and all three mintmarks and assayers, VF with contrasting toning in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1684 V. S-P39; KM-26; Cal-722. 25.66 grams. Crude strike with much flatness (uneven flan), still with clear date and all three assayers, AVF for actual wear, with contrasting toning in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1685 VR. S-P40; KM-26; Cal-726. 27.30 grams. Choice full cross-lions-castles, full pillars and bold full waves, all well centered, with two dates, three mintmarks and assayers, VF+ with light sediment on fields, small edge-split. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1687 VR, NGC clipped. S-P40; KM-R26; Cal-683. 23.98 grams. Broad flan despite light clipping as noted on the label (no grade) and reflected in the weight (also holed at top of cross), with full legends and inner details, very slightly doubled, AVF with toning in crevices, die-match with Lazaro #221 (R1). NGC #5961187-003.

Potosi, Bolivia, cob 8 reales Royal (galano), 1692 VR, rare, NGC VF details / holed, tooled. S-P40; KM-R26; Cal-688. 26.38 grams. Bold details, with good full interiors and nearly full legends (pillars side slightly off-center), contrastingly toned, holed at top of pillars and with old scratching on that side that NGC calls tooling, die-match with Lazaro #230 (R3) and actually a clearer example showing that the legend ends with a dot after PERV. NGC #6272087-022. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1695 VR. S-P40; KM-26; Cal-738. 26.11 grams. Choice dark toning over mostly natural surfaces (VF+), with full but off-center pillars, the cross crudely flat and doubled, three assayers, bold date below cross but date between pillars reworked out of a flat area. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1696 VR, NGC VF details / plugged. S-P40; KM-R26; Cal-692. 27.01 grams. Bold inner details and most of legends, the pillars side slightly off-center and very slightly doubled, toned in crevices, the cross side a die-match with Lazaro #235 but pillars side not listed (dot at top instead of pomegranate), expertly repaired hole in date below cross. NGC #5964135-009. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1697 VR. S-P40; KM-26; Cal-740. 26.74 grams. Very choice full pillars and good full cross, both well centered and with bold full dates, three assayers, deeply toned VF with edge-crack and interesting natural protrusion in edge. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1697 CH, rare, NGC AU 55, finest known in NGC census. S-P41; KM-26; Cal-741. 26.85 grams. Good full cross with bold date below, nearly full but doubled pillars with second date and full assayer (a brief and highly sought interim issue between assayers VR and F), much peripheral flatness, rare grade, no toning. NGC #6271297-002. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales Royal (galano), 1698 F, NGC VF details / holed. S-P42; KM-R26; Cal-694. 26.92 grams. Full and evenly struck details including nearly all the legend on both sides, also practically devoid of doubling, contrastingly toned, with large hole at top of pillars, die-match with Lazaro #237 (R2). NGC #5962614-001.

Potosi, Bolivia, cob 8 reales, 1698 F. S-P42; KM-26; Cal-744. 26.83 grams. Good full cross with bold date below and clear assayer to right inside part of king's name, nearly full but off-center pillars with similarly bold date and two more assayers inside a full POTOSI in legend, attractively toned VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1701 F, Charles II posthumous, NGC VF details / holed. S-P42; KM-R26; Cal-697. 26.38 grams. Bold full central details and most of legend, both sides well centered and evenly struck (trifle doubling on pillars side only), gray toning, holed twice (bottom of cross and bottom of pillars), die-match with Lazaro #240 (R2). NGC #5962614-002.

Potosi, Bolivia, cob 8 reales, 1701 Y, Charles II posthumous. S-P43; KM-26; Cal-1535 (under Ph. V). 26.62 grams. Chunky flan with some flat spots but bold full date, assayer and both mintmarks between full pillars above full waves, the cross side heavily doubled but with bold second date and assayer and trace of king's name in legend, nicely toned AVF, scarce. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1704 Y, NGC VF details / holed. S-P43a; KM-R31; Cal-1476. 26.92 grams. Broad flan for the period, with nearly full legends and choice inner details except for doubling on upper half of pillars side, beautifully rainbow-toned over luster, scarce overall but also significant as NOT a die-match with Lazaro #243 (the only example listed for this date, rated R3). NGC #6272087-028. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1705 Y. S-P43a; KM-31; Cal-1540. 27.04 grams. Bold full cross and full but doubled pillars, crude strike with much flatness but with two clear dates and assayers, king's ordinal V, contrastingly toned Fine+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1706 Y, NGC Fine details / holed. S-P43a; KM-R31; Cal-1478. 26.81 grams. Full cross and pillars-and-waves but the latter double-struck, nearly full crowns and legends including full king's name and four-digit date, nicely toned, die-match with Lazaro #246 (R3), holed below cross. NGC #6272087-029. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1707 Y. S-P43a; KM-31; Cal-1542. 26.77 grams. Chunky flan, full pillars and cross with two full dates, parts of all three mintmarks and assayers, contrastingly toned Fine, nicely centered. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1708 Y. S-P43a; KM-31; Cal-1543. 25.23 grams. Typically chunky but well detailed for the era with full pillars-and-waves containing a bold full date plus the bottoms of the digits 1708 visible in legend (scarce thus), full but off-center cross with full crown above, contrastingly toned Fine. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1709 Y, NGC XF details / holed. S-P43a; KM-R31; Cal-1481. 26.89 grams. Die-match with Lazaro #250 (R3) but a nicer example, with more legend and slightly bolder details, the cross doubled but still nice, all richly toned, holed at top of pillars. NGC #5969220-002.

Potosi, Bolivia, cob 8 reales Royal (galano), 1709 Y, NGC VF details / holed. S-P43a; KM-R31; Cal-1481. 26.62 grams. Same dies as previous lot (Lazaro #250, R3), but with slightly more wear, the pillars side slightly off-center, similar doubling on upper half of cross, holed to left of cross / top of pillars, nice contrast from darkly toned fields. NGC #6272087-032. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1712 Y. S-P43a; KM-31; Cal-1548. 26.62 grams. Typically chunky and "pillow"-shaped (square with rounded sides and sharp points) but with good centers of cross and pillars, clear date (scarce) and parts of all three assayers, lightly toned Fine. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1713 Y. S-P43a; KM-31; Cal-1549. 26.65 grams. Broad flan for the period but typically chunky and with parts of edge crude (as made), good full cross and pillars with bold full date, Fine+ with spotty toning, scarce date. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1714 Y, NGC AU 55, finest known in NGC census. S-P43a; KM-31; Cal-1550. 26.30 grams. Good full cross and pillars on a typically chunky flan with parts of edge crude (as made), parts of all three dates and assayers and mintmarks (very rare for this period), lightly toned and very high grade for the issue (scarce date). NGC #6271297-003. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales Royal (galano), 1715 Y, NGC VF details / holed. S-P43a; KM-R31; Cal-1487. 28.20 grams. Broad flan for the period (and in fact slightly overweight), with nearly full legends and crowns as a result, good full inner details with only a little of the inevitable doubling, attractively toned, die-match with Lazaro #259 (R2), holed at top of pillars side. NGC #5964135-010. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales Royal (galano), 1718 Y, rare, NGC VF details / holed. S-P43a; KM-R31; Cal-1490. 27.21 grams. Crude strike with doubling and minor weak spots but with full inner details and most of legends, also well toned (especially near edge), rare date but also different dies from Lazaro #263 (R4), with dots instead of "condors" for ornaments, rather large hole at top of pillars / bottom of cross. NGC #6272087-038. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1718 Y. S-P43a; KM-31; Cal-1554. 25.35 grams. Chunky flan with rather crude edge (as made), full pillars and nearly full cross with two clear dates and assayers, toned Fine+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1721 Y. S-P43a; KM-31; Cal-1557. 26.81 grams. Chunky flan with crude edge (as made) but high grade for the period (AU), with clear date between full pillars, full cross, two bold assayers, toned in crevices, scarce date. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1723 Y, NGC AU 55, finest and only example in NGC census. S-P43a; KM-31; Cal-1559. 26.39 grams. Choice example with 100% full pillars and cross-lions-castles (very rare for this scarce date), two bold dates and all three assayers and mintmarks, lightly toned and very high grade for the period, a premium piece to be sure. NGC #6271297-004. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1725 Y, Louis I, rare, NGC AU 50, finest and only example in NGC census. S-P43b; KM-35; Cal-48. 27.38 grams. Chunky flan with crude edge and much peripheral flatness, but with good full cross and choice pillar-tops that demonstrate its exceptionally high grade, with two clear dates and assayers and all-important king's ordinal PR. (short for "PRIMERO") visible in legend, toned in crevices. NGC #6271297-005. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1725 Y, Louis I, rare, NGC AU details / environmental damage. S-P43b; KM-35; Cal-48. 26.55 grams. Better edge than most but still uneven in thickness, with light toning all over in addition to areas of dark oxidation, weak but full cross and pillars with two full dates and three assayers, (LVI)S PR visible in legend. NGC #6272344-008. Pedigreed to the Ponterio auction of March 1998 (lot 1301).

Potosi, Bolivia, cob 8 reales, 1728 M. S-P44; KM-31; Cal-1561. 26.17 grams. Choice full pillars despite typical chunkiness, the cross also full but off-center, with bold date and three full assayers, lightly toned VF+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales Royal (galano), 1729 M, rare, NGC holed, clipped. S-P44; KM-R31a; Cal-1498. 22.48 grams. Choice bold near-AU details (no grade on label) with lovely toning all over, the pillars side slightly off-center and the edge lightly shaved, with hole at bottom of cross, different dies from Lazaro #276 (R3). NGC #6272087-044. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1731 M, NGC XF 40, finest and only example in NGC census, ex-Byers. S-P44; KM-31a; Cal-1564. 27.20 grams. Good full pillars with doubling at bottom left only, the cross nearly full but off-center and also doubled, clear date and all three mintmarks and assayers, richly toned. NGC #6272344-011. Pedigreed to the P.J. Byers collection (Ponterio auction of March 1998), with original lot-tag 1307.

Potosi, Bolivia, cob 8 reales, 1731 M. S-P44; KM-31a; Cal-1564. 26.87 grams. Chunky but nice, with good full pillars and cross, two bold dates and parts of all three mintmarks and assayers, high grade (AU-), with toning on fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1734 E, NGC AU 55, finest known in NGC census. S-P46; KM-31a; Cal-1569. 28.29 grams. Lustrous and choice in grade, with full but slightly doubled pillars, nearly full cross, two bold dates, typically chunky flan. NGC #6271297-006. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1736 E, NGC AU 58, finest known in NGC census. S-P46; KM-31a; Cal-1571. 26.48 grams. Typically chunky but choice high grade (the single best of seven entries in the current NGC census), with full but off-center pillars and cross, two dates, three assayers. NGC #6271297-007. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1736 E, NGC AU 55. S-P46; KM-31a; Cal-1571. 26.38 grams. Very chunky flan with intriguingly crude edge (as made), choice full cross and pillars (the latter doubled), with two dates, three assayers and mintmarks, light sediment in crevices, tied for second finest in current NGC census behind the previous lot. NGC #5962267-006.

Potosi, Bolivia, cob 8 reales, 1737 E. S-P46; KM-31a; Cal-1573. 27.22 grams. AU grade with lots of sharp detail (full cross and pillars, more legend than usual) but double-struck and with spots of green encrustation and black oxidation, all three dates and mintmarks and assayers visible (rare thus). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1739 M. S-P47; KM-31a; Cal-1577. 26.76 grams. Full pillars and cross, with two bold dates and parts of all three assayers, chunky XF with green and tan encrustation, part of edge slightly crude (as made). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1741 P, NGC AU 53, finest known in NGC census. S-P48; KM-31a; Cal-1580. 26.78 grams. Very chunky with rather crude edge (as made), but with very well-defined tops of full pillars and full cross indicative of its choice grade, two dates and assayers, parts of all three mintmarks, light toning and sedimentation. NGC #6271297-008. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1742 P. S-P48; KM-31a; Cal-1581. 27.11 grams. Chunky but choice for the period, with good full pillars and cross, bold date and all four P's on pillars side plus clear date below cross, parts of edge crude (as made), contrastingly toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1742 C/P, rare, NGC AU 58, finest known in NGC census. S-P49; KM-31a; Cal-1582. 27.30 grams. Choice full pillars-and-waves with bold date and mintmark and both assayers, the cross side somewhat compromised by the chunkiness of the flan (oddly shaped, too, requiring an interesting modification to its slab-frame) but still with clear date and full C/P assayer (not noted on label), light sediment on fields, choice grade. NGC #5965633-001.

Potosi, Bolivia, cob 8 reales Royal (galano), 1743 C, rare, NGC VF details / repaired. S-P49; KM-R31a; Cal-1515. 26.81 grams. Small, thick flan per the period, without legends but also flat near edge on cross side, dark toning and oxidation, well centered strike, different dies from Lazaro #298 (R4), with evidence of repair at top of left pillar. NGC #6272084-006. Pedigreed to the Tempel Collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1743 C. S-P49; KM-31a; Cal-1584. 26.80 grams. Choice full pillars and cross despite typical chunkiness and slightly crude edge (as made), with bold date and half of another, also two assayers and three mintmarks, XF with toning in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1745 q, NGC MS 62, finest known in NGC census. S-P50; KM-31a; Cal-1588. 25.59 grams. So when was the last time you saw an MS 62 Potosi cob 8 reales of Philip V? Not just MS, but 62! It is a rare thing, indeed, and this coin clearly deserves it, as the lustrous surfaces and deep strike show no wear at all (non-toned and frosty), the tops of the full but slightly doubled pillars-and-waves particularly choice, also the full cross-lions-castles on the other side, still chunky and with parts of edge slightly crude per the era, with two dates and mintmarks, all three mintmarks full and bold, an exceptional coin for the trophy-grade collector, not just the finest for the date but for the entire Philip V type. NGC #5965052-012.

Potosi, Bolivia, cob 8 reales, 1745 q. S-P50; KM-31a; Cal-1588. 26.73 grams. Somewhat chunky but with 100% full pillars-and-waves and cross, two dates and mintmarks, three assayers, contrastingly toned AXF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1746 q. S-P50; KM-31a; Cal-1589. 26.86 grams. Choice full cross-lions-castles and bold full pillars-and-waves, amazingly with at least parts of all three dates and mintmarks and assayers, very lightly toned AU. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1748 q, NGC AU 53, finest known in NGC census. S-P50a; KM-40; Cal-510. 27.01 grams. Good full pillars-and-waves and cross with contrasting sediment in crevices, bold primary date plus parts of both the others, also with at least parts of all three mintmarks and assayers, king's ordinal VI visible in legend, nice grade overall but with high points a bit weak. NGC #6271297-009. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1748 q, NGC AU 50. S-P50a; KM-40; Cal-510. 26.68 grams. Choice full pillars-and-waves and cross-lions-castles, both well centered and fully detailed, two dates, three mintmarks and assayers, with contrasting dark sediment in crevices, very slight surface porosity on high points that seems to be the only thing keeping this from tying or bettering the previous lot, to which this one is second finest in the NGC census. NGC #5962267-005.

Potosi, Bolivia, cob 8 reales, 1749 q. S-P50a; KM-40; Cal-511. 26.67 grams. Chunky flan with parts of edge crude (as made), good full cross (slightly doubled) and bold full pillars, two dates and mintmarks and assayers, lightly toned XF+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1750 E. S-P51; KM-40; Cal-515. 26.34 grams. Very bold full cross and pillars set off by darkly contrasted fields, bold date and part of another, chunky VF with flat peripheries. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1751 q. S-P52; KM-40; Cal-518. 26.36 grams. Chunky and weakly struck but high grade (near AU), with contrasting sediment in crevices, full pillars and cross, two dates and mintmarks and assayers. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1752 q. S-P52; KM-40; Cal-522. 27.31 grams. Very choice full pillars-and-waves and cross-lions-castles with contrasting toning, two full dates, three mintmarks and assayers, king's ordinal VI in legend, near AU grade. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1753 q. S-P52; KM-40; Cal-524. 26.84 grams. Full but off-center pillars, good full cross (well centered), one bold date and part of another, three assayers and two mintmarks, lightly toned, with patch of dark oxidation near edge, chunky XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1753 C/q. S-P53; KM-40; Cal-525. 26.92 grams. Very chunky and high grade (AU, the cross side lustrous and the edges sharp) but the pillars side somewhat stained, at least parts of all three dates and mintmarks and assayers (one at bottom left with clear C/q), full pillars and cross. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1754 C+q, NGC XF 45 ("top pop"). S-P53; KM-40; Cal-528. 26.80 grams. Very bold full pillars and cross, with particularly bold date and both assayers (C at top, q at bottom) on pillars side, additional assayer C to right of cross, attractively toned but chunky as usual, tied with one other for finest known in NGC census. NGC #6271297-010. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1754 q. S-P54; KM-40; Cal-531. 27.14 grams. Slightly crude VF with some peripheral flatness but full pillars and most of cross, clear date and two clear mintmarks and assayers, spotty dark toning.

Potosi, Bolivia, cob 8 reales, 1758 q. S-P54; KM-40; Cal-536. 27.13 grams. Bold full date within full pillars, off-center cross with partial second date below, chunky flan with one long, sharp point and characteristic surface roughness on opposing sides (as made), lightly toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1760 Y-V, rare. S-P56a; KM-45; Cal-unl. 26.87 grams. Choice full pillars with bold date and assayer Y at top right (rare one-year transition), also bold full cross, both with contrasting black toning, AXF with hairlines on high points from old cleaning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1761 V-Y. S-P57; KM-45; Cal-1137. 27.02 grams. Chunky and crude but with bold date between off-center pillars (also full assayer Y at bottom right), nearly full cross with second full date below, low-contrast toning all over, VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1762 V-Y. S-P57; KM-45; Cal-1138. 26.88 grams. Atypically broad and (relatively) thin but still crude, with bold date between pillars, nice center of cross-lions-castles, low-contrast toning and sediment, VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1763 V-Y, NGC AU 53, finest known in NGC census. S-P57; KM-45; Cal-1139. 26.69 grams. Very chunky but nicely toned and technically high grade, with bold date between full pillars and parts of both the other dates, two full assayers, some peripheral surface roughness (as made), finest of nine entries in the current NGC census. NGC #5965264-006.

Potosi, Bolivia, cob 8 reales, 1763 V-Y, NGC AU 50. S-P57; KM-45; Cal-1139. 26.99 grams. Bold and choice details on a typically chunky flan with parts of edge crude (as made), two dates and assayers, three mintmarks, deeply contrasting toning, second finest in NGC census behind the previous lot. NGC #6271297-011. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1764 V-Y. S-P57; KM-45; Cal-1140. 27.10 grams. Round flan of varying thickness, with bold date and assayer on pillars side, full second assayer and part of date on cross side, lightly toned XF+ with surface roughness on opposing sides per the era. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1765 V-Y, NGC AU 55. S-P57; KM-45; Cal-1141. 27.06 grams. Bold and sharp details with smooth fields and a lovely natural toning befitting its choice grade (second finest in the NGC census behind a single AU 58), one pillar 100% complete and the deeply struck cross-lions-castles nearly full, two dates and assayers, slight surface roughness on opposing sides as usual. NGC #6271297-012. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 8 reales, 1766 V-Y. S-P57; KM-45; Cal-1142. 26.92 grams. Crude strike (typically chunky) with much flatness but three dates (rare thus), one complete pillar, both assayers and three mintmarks, AVF with low-contrast toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1766 V-Y. S-P57; KM-45; Cal-1142. 26.85 grams. Bold full date between pillars plus full 17 of second date in legend, good full cross-lions-castles, nicely toned, typically chunky and with surface roughness on opposing sides, VF+.

Potosi, Bolivia, cob 8 reales, 1767 V-Y. S-P57; KM-45; Cal-1143. 23.73 grams. Choice bold details on a crude flan, with full but off-center pillars, excellent full cross-lions-castles, two bold dates, nicely toned, XF or so. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1768 V-Y. S-P57; KM-45; Cal-1145. 26.99 grams. Very chunky flan with much surface roughness on opposing sides, full pillars, off-center cross, bold date, spotty toning, near XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1769 V-Y. S-P57; KM-45; Cal-1147. 26.46 grams. Very chunky flan with large old test-cut in edge but exceptional for showing three dates (rare thus), two assayers, full pillars-and-waves and nearly full cross, VF with contrasting toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1771 V-Y. S-P57; KM-45; Cal-1154. 27.02 grams. Chunky but high grade (near AU) with sediment in crevices, two bold denominations, nearly full cross and pillars. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1772 V-Y. S-P57; KM-45; Cal-1156. 27.07 grams. Lightly toned VF with technically full pillars and cross but all somewhat crude on a chunky flan with surface roughness on opposing sides (as made). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 8 reales, 1773 V-Y, P at upper right (rare). S-P57; KM-45; Cal-1158. 26.27 grams. Very crude and chunky but with full and clear date (final year of cobs), clear P at upper right and Y at lower left, oversized cross, Fine+ with contrasting toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1653 E, retrograde denomination 4, PH at top. S-P37a; KM-18; Cal-1116. 12.98 grams. Well-toned Fine with 100% full pillars with bold PH at top above the retrograde 4, full cross, bold king's ordinal IIII, parts of all three dates and assayers. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1653 E, dot-PH-dot at top. S-P37a; KM-18; Cal-1115. 12.60 grams. Bold full PH above denomination between choice full crowns above full pillars, full but off-center cross with well-detailed castles, attractively toned VF+ with salvaged surfaces (probably from the Capitana of 1654). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1657 E, pomegranate at top on both sides (rare). S-P37a; KM-18; Cal-unl (cf 749). 14.36 grams. Broad, round flan with well-centered full pillars and cross-lions-castles (the latter slightly doubled), two bold dates and mintmarks, three bold assayers, rare variety with pomegranate at top on both sides instead of dot / nothing (first we have seen), not unexpected for this final year of the 1652-7 transition, lightly toned VF. With NGC VF 25 tag (not encapsulated). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1659 E. S-P37a; KM-18; Cal-1126. 13.95 grams. Choice full pillars-and-waves (slightly off-center) and cross-lions-castles (well centered but very slightly doubled), XF with contrasting sediment on fields, two dates, all three mintmarks.

Potosi, Bolivia, cob 4 reales, 1667 E. S-P37a; KM-18; Cal-unl. 13.19 grams. Crude flan with uneven thickness (much flatness) and partially crude edge but otherwise AVF with slight surface porosity, off-center strike, bold date and denomination between pillars, second date below most of cross, trace of P at beginning of king's name in legend (hence posthumous Philip IV, as expected), lightly toned in crevices.

Potosi, Bolivia, cob 4 reales, 1669/8 E, very rare. S-P37b; KM-unl (25 for type); Cal-unl. 11.90 grams. Broad flan with full and well-centered pillars-and-waves and cross-lions-castles, very bold 69/8 between pillars (unlisted, first example we have seen, possibly unique) and partial date in legend, CA- of king's name visible, deeply toned VF with edge-crack.

Potosi, Bolivia, cob 4 reales, 1672 E. S-P37b; KM-25; Cal-516. 13.92 grams. Broad flan with full but partially flat pillars and cross, two dates and assayers, three mintmarks, old scrape on pillars side, VF with uneven toning, scarce date. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1677 E. S-P37b; KM-25; Cal-521. 13.57 grams. One full pillar and bold waves, good but off-center cross, two clear assayers and mintmarks, nicely toned VF with edge-crack. With NGC VF 30 tag (not encapsulated). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1678 E, retrograde denomination 4 (rare), ex-Sellschopp (plate). S-P37b; KM-unl (25 for type); Cal-unl. 14.34 grams. Large flan (in fact overweight) with one bold pillar (off-center) and most of cross, two bold dates and assayers, full denomination in retrograde, toned XF with flat peripheries, light stain from former sticker on cross side that typifies Sellschopp coins (desirable pedigree). Pedigreed to the Jorge Ugaz collection and to the E.A. Sellschopp collection (Swiss Bank Corp. auction of September 1988, lot 786, plated in catalog).

Potosi, Bolivia, cob 4 reales, 1678 E, ex-Consolacion (1681). S-P37b; KM-25; Cal-522. 10.89 grams. Full pillars-and-waves with two dates on that side plus bold full assayer, most of cross with bold mintmark to left, VF with spotty black toning and corrosive thinning. Pedigreed to the Jorge Ugaz collection, from the Consolacion (1681).

Potosi, Bolivia, cob 4 reales, 1679 C, ex-Consolacion (1681). S-P38; KM-25; Cal-523. 11.99 grams. Full pillars-and-waves and cross (both slightly off-center), all three assayers bold, two dates, spotty dark toning and surface corrosion, otherwise VF. Pedigreed to the Jorge Ugaz collection, from the Consolacion (1681).

Potosi, Bolivia, cob 4 reales, 1680 V. S-P39; KM-25; Cal-525. 13.55 grams. Bold date and denomination between nearly full but slightly off-center pillars, the cross also nearly full and off-center with well-detailed lions, much flatness and parts of edge crude (as made), also with edge-crack and spot of dark oxidation on cross, but technically XF grade with mostly smooth surfaces. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1681 V. S-P39; KM-25; Cal-526. 13.62 grams. Good full pillars and cross despite minor flatness, bold date and most of another, two mintmarks and assayers, VF with darkly toned fields (good contrast), slight scuffing and porosity on cross side. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1682 V. S-P39; KM-25; Cal-527. 13.34 grams. Attractively old-toned XF with well-centered full pillars-and-waves, full but doubled cross, two dates, three assayers, some sediment in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1684 V. S-P39; KM-25; Cal-530. 13.96 grams. Choice broad flan with absolutely gorgeous full pillars-and-waves and cross-lions-castles, both well centered and with contrasting toning, evenly struck XF, two dates and all three mintmarks and assayers, nicest example we have seen.

Potosi, Bolivia, cob 4 reales, 1684 V. S-P39; KM-25; Cal-530. 13.13 grams. Choice full cross-lions-castles with part of king's name in legend, bold and nearly full pillars-and-waves with well-detailed crown at top, two dates and mintmarks, three assayers, nicely toned XF with large edge-crack. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1686 VR. S-P40; KM-25; Cal-533. 12.51 grams. VF with much flatness but contrasting toning, technically full but off-center pillars-and-waves and cross-lions-castles, two dates, parts of all three assayers. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1687 VR. S-P40; KM-25; Cal-534. 12.30 grams. Attractively toned VF with some peripheral flatness but nearly full pillars-and-waves, off-center cross, three full assayers, broad flan, first example of this date we have offered in a while. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1692 VR. S-P40; KM-25; Cal-539. 13.51 grams. Nearly full cross and pillars but somewhat lightly struck (technically no worse than AVF), with uneven dark toning and some light sediment, two dates and assayers, three mintmarks. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales Heart, 1696 VR, extremely rare, NGC VF 35, finest and only example in NGC census. S-P40; KM-unl; Cal-506. 13.70 grams. By all accounts the rarest and most beautiful cobs of Potosi are the specially mint-crafted Hearts, believed to pertain to the Catholic Church in general and the Sacred Heart of Jesus Christ specifically. The rarest denomination is the 1/2 real (only four or five dates known), but not far behind is the 4 reales, which are comparatively impressive in size and known in just fourteen dates, of which this coin is the earliest and unique. Like a Royal (galano), its details are complete and evenly struck on a full-weight flan, holed at the top for wearing as a pendant, but the shape is a classic heart with prominent tail at bottom and large stem at top, aligned so the cross is straight up and down (pillars side slightly rotated), with lovely toning all over and damage-free except for the hole (which is why it is straight-graded by NGC), a premium example with multiple areas of attraction as a first-date, single-known, finest-known, presentation-strike trophy. NGC #6268663-014. Pedigreed to the Ponterio auction of March 1992 (lot 802, featured on color photo plate) and to the Swiss Bank Corp. auction of September 1997 (lot 1996).

Potosi, Bolivia, cob 4 reales, 1698 F. S-P42; KM-25; Cal-547. 12.94 grams. Full but weakly struck pillars and cross, clear date and three bold assayers, parts of edge slightly crude, toned AVF (possibly salvaged). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1701 Y, posthumous Charles II. S-P43; KM-25; Cal-unl. 12.82 grams. Crudely cracked flan but with good full pillars and most of cross (off-center), two dates, clear assayer, toned Fine+ with small orange spots and gouge near edge on cross side (possibly salvaged), very scarce. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1702 Y, NGC AU 55, finest and only example in NGC census. S-P43a; KM-30; Cal-1154. 13.56 grams. Roundish flan (beginning a chunkier style) with one full pillar and nearly full waves, about half of the cross, bold date and assayer, the peripheries flat but all somewhat lustrous and lacking wear, very scarce. NGC #5965053-003.

Potosi, Bolivia, cob 4 reales, 1706 Y. S-P43a; KM-30; Cal-1158. 12.64 grams. Chunky flan with peripheral flatness but bold date between full pillars-and-waves, nearly full but doubled cross, weakly struck XF with small piece of edge bent, nicely contrasting toning in crevices, very scarce. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1717 Y. S-P43a; KM-30; Cal-1169. 12.59 grams. Choice strike for the period, particularly the well-centered full cross, the pillars also well detailed (albeit off-center), with clear date and three assayers, AU with toned fields, best example we have offered. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1728 M. S-P44; KM-30; Cal-1178. 13.54 grams. AU with light old scratches, bold and darkly toned full pillars, good full cross with peripheral darkness and interior luster, bold date. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1730 M. S-P44; KM-30a; Cal-1180. 12.88 grams. Nice strike with bold full pillars and cross, two full dates and assayers, three mintmarks, AXF with toning in crevices, parts of edge slightly crude (as made). With NGC VF 35 tag (not encapsulated). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1736 E. S-P46; KM-30a; Cal-1190. 13.40 grams. Bold strike on a chunky flan, with full pillars and cross (the latter doubled but well centered), two dates, nicely toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1737 E. S-P46; KM-30a; Cal-1191. 13.40 grams. Attractively toned VF+ with one full pillar and good full cross-lions-castles (both sides slightly off-center), the former with bold date and mintmark and assayer plus partial second date in legend. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1737 M, NGC AU 58, finest and only example in NGC census. S-P47; KM-30a; Cal-1192. 13.24 grams. Very chunky flan with crude edge (as made) but with very sharp details and lustrous surfaces indicative of its exceptional grade, with clear date and mintmarks but assayer quite weak (could be E instead). NGC #5965052-003.

Potosi, Bolivia, cob 4 reales, 1738 M. S-P47; KM-30a; Cal-1193. 13.23 grams. Round but chunky flan with full but partially weak cross and pillars (the latter slightly doubled), two dates, three full mintmarks, AU with lightly cleaned surfaces, mostly toned in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1738 M. S-P47; KM-30a; Cal-1193. 13.14 grams. Super chunky with sharp points on edge indicative of extreme high grade confirmed by high luster but with hint of surface oxidation near edge, one full pillar and half of cross with choice lion and castle, two dates and assayers. NGC #5965053-002.

Potosi, Bolivia, cob 4 reales, 1739 M, NGC MS 61, finest known in NGC census. S-P47; KM-30a; Cal-1196. 13.45 grams. Bright and lustrous and devoid of wear, with nearly full but egregiously doubled cross and pillars on a chunky flan. NGC #5965052-004.

Potosi, Bolivia, cob 4 reales, 1739 M. S-P47; KM-30a; Cal-1196. 13.56 grams. Typically chunky with crude edge (as made), with bold full cross and full pillars-and-waves, two dates and assayers, three mintmarks, choice grade (AU-) with traces of toning on edge. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1740 M. S-P47; KM-30a; Cal-1197. 13.14 grams. Chunky flan with bold full pillars and cross (the latter doubled), three clear dates (rare thus), lightly toned XF+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1740 M. S-P47; KM-30a; Cal-1197. 12.89 grams. Chunky square flan with two very sharp points indicative of extreme high grade (UNC) but with luster mitigated by faint surface porosity, full pillars and nearly full cross, two full dates and assayers. NGC #5965052-006.

Potosi, Bolivia, cob 4 reales, 1741 P, NGC MS 61, finest and only example in NGC census. S-P48; KM-30a; Cal-1199. 13.41 grams. Lustrous and deeply struck on a very chunky flan with minimal high-point wear (if any), clear date and mintmark and assayer, the pillars nearly full and the cross full but slightly off-center. NGC #5965052-007.

Potosi, Bolivia, cob 4 reales, 1741 P. S-P48; KM-30a; Cal-1199. 13.61 grams. Thick and chunky flan with nearly full pillars, off-center cross, two dates, all three mintmarks and assayers, XF+ with lots of surface sediment all over. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1742 P, NGC XF 45, finest and only example in NGC census. S-P48; KM-30a; Cal-1200. 13.27 grams. Superb full pillars and cross, with two bold dates and assayers, all three mintmarks, choice deep toning, just the edge a bit crude (as made). NGC #6271297-013. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, 1743 C. S-P49; KM-30a; Cal-1203. 13.49 grams. Chunky flan with nice full pillars (including the tops), nearly full cross, two dates and assayers, three mintmarks, deeply toned XF with sediment in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1744 q. S-P50; KM-30a; Cal-1205. 13.55 grams. Chunky flan with choice full cross and one full pillar, two dates and assayers, richly toned XF+, very scarce assayer for the date. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1745 q. S-P50; KM-30a; Cal-1206. 13.47 grams. Full pillars and (doubled) cross, two dates, three assayers and mintmarks, deeply toned AXF, typically chunky flan. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1746 q, NGC AU 55, finest known in NGC census. S-P50; KM-30a; Cal-1208. 13.41 grams. Choice full pillars (including tops) and cross, with bold date and three assayers, nicely toned, exceptional grade. NGC #6271297-014. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 4 reales, 1747 q, Philip V. S-P50; KM-30a; Cal-1209. 13.28 grams. Nearly full pillars with clear date, the cross off-center but fortunately so, as it makes PHIL- of the king's name visible (thereby confirming the posthumous issue), three assayers, lightly toned XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1749 q. S-P50a; KM-39; Cal-400. 13.81 grams. Bold full pillars and nearly full cross, particularly bold date and three assayers, FERD- of king's name visible, chunky XF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1750 E. S-P51; KM-39; Cal-403. 13.95 grams. Excellent full cross and nearly full pillars with three mintmarks, two assayers and one-and-a-half dates, richly toned XF+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1751 q. S-P52; KM-39; Cal-405. 13.40 grams. Small chunky flan with full pillars and nearly full cross, two bold dates and assayers, XF with silvery sheen coated with uneven toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1752 q. S-P52; KM-39; Cal-406. 10.51 grams. Deeply struck VF with very bold full cross and one full pillar, the date and assayer also full and bold, two mintmarks, contrastingly toned. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1753 q. S-P52; KM-39; Cal-407. 13.39 grams. Chunky flan with bold full cross and nearly full pillars-and-waves, clear date and assayer, two mintmarks, VF+ with contrasting toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1755 q. S-P54; KM-39; Cal-412. 13.07 grams. Chunky flan with crude edge (as made) but good full pillars and cross, two dates, toned XF+ with light sediment in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1759 q. S-P54; KM-39; Cal-416. 13.13 grams. Bold date above waves, with most of pillars and cross but both sides plagued by the usual surface roughness of this era (exacerbated by dark toning in crevices), crude edge as made, Fine+. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1761 V-Y. S-P57; KM-44; Cal-905. 13.44 grams. Full but doubled pillars with full date and clear assayers, nearly full cross with second date below and third assayer to right, AVF with faintly toned fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1762 V-Y. S-P57; KM-44; Cal-906. 13.11 grams. Round and slightly less chunky than most but with some peripheral flatness, full pillars and most of cross, two full dates, AVF with deeply toned fields. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1763 V-Y. S-P57; KM-44; Cal-907. 13.20 grams. Bold pillars with choice full date, the cross also full, very lightly toned VF+ with slight surface roughness on opposing sides per the era. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1765 V-Y. S-P57; KM-44; Cal-909. 13.44 grams. Broad thin flan for the period, with full pillars and cross, two full dates (the one below the cross rather bold, just inside the king's ordinal RTIVS), richly toned VF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1766 V-Y. S-P57; KM-44; Cal-910. 13.32 grams. Thick chunky flan with sharp edge, full and well-centered pillars-and-waves and cross-lions-castles, bold date, XF+ with very light toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1767 V-Y. S-P57; KM-44; Cal-911. 13.67 grams. Chunky and somewhat octagonal flan with full pillars and cross, bold date, XF with spots of sedimentation and toning. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1769 V-Y. S-P57; KM-44; Cal-913. 13.18 grams. Very chunky flan with good full cross, most of pillars, dark toning and orange sediment in crevices, AVF with faint old scratches on some high points. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1770 V-Y. S-P57; KM-44; Cal-914. 12.95 grams. Roundish chunky flan with nearly full pillars and cross, clear date, lightly toned AVF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 4 reales, 1771 V-Y. S-P59; KM-44; Cal-916. 13.26 grams. Very strange and interesting flan, somewhat urn-shaped and chunky, with very bold details including both pillars and most of cross, one-and-a-half dates and assayers and mintmarks, VF with deep toning in crevices. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1655 E, with H at top, rare. S-P37a; KM-16; Cal-919. 7.35 grams. Choice, round flan (overweight) with full and rather fat pillars (also full but flat waves), good full cross, two dates, three assayers and mintmarks, deeply toned AVF. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1658 E. S-P37a; KM-16; Cal-926. 7.82 grams. Broad and overweight flan with crude edge (as made), 100% full pillars-and-waves and cross-lions-castles, all three dates and assayers and mintmarks, VF+ with slightly silvery surfaces. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales Royal (galano), 1675 E, unique, NGC VF details / holed. S-P37b; KM-unl (R24 for type); Cal-unl. 6.94 grams. Extremely broad flan that extends past details in places, all details full but the cross unfortunately doubled (the legend on that side somehow unaffected), richly toned all over, with tiny hole in the C of the king's name, first example of this unlisted date that we have seen or heard of. NGC #5964135-001. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 2 reales, 1676 E. S-P37b; KM-24; Cal-398. 7.64 grams. Thick and oversized flan (more square than round) with much flatness but one full pillar and full waves, off-center cross, two dates and assayers and mintmarks, VF with light toning and sediment in crevices.

Potosi, Bolivia, cob 2 reales, 1677 E. S-P37b; KM-24; Cal-401. 7.09 grams. Exceptionally well-detailed strike with choice full pillars-and-waves and cross-lions-castles, three bold dates (six 7's), and all three mintmarks and assayers, king's ordinal II, AXF with deeply toned fields for superb contrast, small edge-crack, really top notch in every way. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1684 V. S-P39; KM-24; Cal-413. 6.86 grams. Broad flan with full cross, full but slightly doubled pillars-and-waves, two dates and mintmarks, three assayers, lightly toned VF with a few weak areas.

Potosi, Bolivia, cob 2 reales, 1685 VR. S-P40; KM-24; Cal-418. 5.99 grams. Very broad thin flan (remarkably underweight), with choice full cross, full but doubled pillars-and-waves, much legend including bold king's name, VF with choice toning, plugged hole in O of king's name (to right of cross). Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1687 VR. S-P40; KM-24; Cal-420. 8.36 grams. Very broad and overweight flan with exceptional XF detail including three full dates, full cross-lions-castles, full but doubled pillars-and-waves, choice deep toning all over.

Potosi, Bolivia, cob 2 reales, 1687 VR. S-P40; KM-24; Cal-420. 5.86 grams. Broad, thin, but underweight flan with lots of legend and full inner details including full pillars-and-waves and cross-lions-castles, all three dates and assayers, full CAROLVS II, choice XF with hints of toning and luster. Pedigreed to the Jorge Ugaz collection.

Potosi, Bolivia, cob 2 reales, 1688 VR. S-P40; KM-24; Cal-421. 6.21 grams. Broad, odd-shaped flan with long, sharp point, nearly full but slightly off-center cross and pillars, bold assayer and two bold dates and mintmarks, lightly toned VF with faint surface scuffing on pillars side.

Potosi, Bolivia, cob 2 reales, 1700 F. S-P42; KM-24; Cal-435. 6.20 grams. Nearly pentagonal flan with choice full pillars and good full cross, two dates (both with 00 actually a sideways 8) and all three mintmarks and assayers, VF with toned fields, small edge-split.

Potosi, Bolivia, cob 2 reales, 1716 Y, NGC MS 61, finest known in NGC census. S-P43a; KM-29; Cal-892. 7.72 grams. Thick and overweight flan (beginning of chunky style), with choice full pillars and cross, all deeply struck and nearly devoid of wear, two dates and assayers. NGC #5965032-002.

Potosi, Bolivia, cob 2 reales, 1726 Y (Louis I), NGC AU 55, finest known in NGC census. S-P43b; KM-34; Cal-26. 5.95 grams. Crude strike (underweight flan) with much flatness but technically very little wear, full pillars, one-and-a-half dates, no part of king's name or ordinal visible but Louis I by default. NGC #5965032-003.

Potosi, Bolivia, cob 2 reales, 1727 Y (Louis I), NGC MS 62, finest known in NGC census. S-P43b; KM-34; Cal-27. 7.33 grams. Choice full pillars and cross in superb grade (far and away the finest graded), with deep details, two dates, three mintmarks and assayers, starting to tone, overweight flan, presumed to be Louis I like almost all from this date. NGC #5965032-004.

Potosi, Bolivia, cob 2 reales, 1729 M, NGC AU 55. S-P44; KM-29a; Cal-903. 5.54 grams. Oblong (underweight) flan with choice full pillars and cross (the latter off-center), two-and-a-half bold dates, king's ordinal V, very lightly toned, second finest in NGC census behind a single AU 58. NGC #5965032-006.

Potosi, Bolivia, cob 2 reales, 1731 M, NGC AU 53, finest and only example in NGC census. S-P44; KM-29a; Cal-906. 6.97 grams. Full but partially weak pillars and cross, with two full dates and assayers and mintmarks, not much actual wear. NGC #5965032-005.

Potosi, Bolivia, cob 2 reales, 1733 E, NGC AU 55, finest known in NGC census. S-P46; KM-29a; Cal-910. 6.52 grams. Bold full pillars side with entire tic-tac-doe details clear (very slightly doubled at top), nearly full but off-center cross, very lightly toned and nearly wear-free. NGC #5965032-007.

Potosi, Bolivia, cob 2 reales, 1734 E, NGC XF 45, finest known in NGC census. S-P46; KM-29a; Cal-911. 6.46 grams. Good full cross-lions-castles with full date below, full pillars with bold second date and full assayer, traces of black toning in crevices. NGC #5965032-009.

Potosi, Bolivia, cob 2 reales, 1736 E, NGC MS 63, finest known in NGC census. S-P46; KM-29a; Cal-913. 7.00 grams. Frosty and lustrous for a silver cob of this period, with choice full cross and pillars, two bold dates, no evident wear. NGC #5965032-010.

Potosi, Bolivia, cob 2 reales, 1737 E, NGC MS 62, finest known in NGC census. S-P46; KM-29a; Cal-916. 7.02 grams. Slightly weak strike but without wear, full pillars-and-waves, most of cross, two dates. NGC #5965032-014.

Potosi, Bolivia, cob 2 reales, 1739 M, NGC MS 63, finest known in NGC census. S-P47; KM-29a; Cal-921. 6.48 grams. Supremely frosty and lustrous for a cob of this period, also with great depth of strike, two dates and assayers, three mintmarks, choice full pillars and cross. NGC #5965032-015.

Potosi, Bolivia, cob 2 reales, 1741 P, NGC MS 64, finest and only example in NGC census. S-P48; KM-29a; Cal-925. 6.61 grams. The cross says it all: Both lions and castles are so sharp and deeply struck, with luster in the crevices and no wear on the tops, as to justify such an unprecedented grade for a chunky cob, the pillars also bold and full, with two dates and assayers and mintmarks. NGC #5965052-001.

Potosi, Bolivia, cob 2 reales, 1745 q, NGC MS 64, finest known in NGC census. S-P50; KM-29a; Cal-933. 6.56 grams. Deep strike with luster in crevices and no wear at all on high points, rather rare for a chunky cob, the cross-lions-castles and pillars-and-waves both full and with two full dates and assayers, parts of edge crude (as made). NGC #5965052-002.

Potosi, Bolivia, cob 1 real, 1652 E post-transitional, 1-PH-6 at top, NGC AU 58, finest known in NGC census. S-P37a; KM-13; Cal-750. 4.08 grams. Frosty surfaces, nearly devoid of wear (very rare thus), with choice full cross-lions-castles and pillars-and-waves, all three dates and mintmarks and assayers, bold 1-PH-6. NGC #5965052-014.

Potosi, Bolivia, cob 1 real Royal (galano), 1684 VR, unique, NGC VF details / plugged. S-P40; KM-unl (R23 for type); Cal-unl. 3.08 grams. Thin and perfectly round flan, the cross and pillars-and-waves technically full but with some flatness, much legend, black-toned fields, with well-disguised plugged hole at bottom of cross, first example of this unlisted date that we have seen or heard of. NGC #5964135-003. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 1 real Royal (galano), 1702 Y, very rare, NGC VF details / holed. S-P43a; KM-R28; Cal-526. 3.46 grams. Choice full inner details on a round and even flan (quite a contrast to the regular issues), minimal legend except for third date, which unfortunately is also where a hole was placed, all attractively toned and bold. NGC #5964135-004. Pedigreed to the Jorge Ugaz collection (stated on label).

Potosi, Bolivia, cob 1 real Heart, 1734 E, very rare, NGC VF 25, finest and only example in NGC census. S-P46; KM-unl; Cal-550. 3.25 grams. With rich old toning and evident wear, including within the hole that got larger with use, this piece was surely a religious talisman for a long time, and in fact this is its first appearance on the market so far as we can tell (as it is not the Americas/Karon example nor the one in Calico's 2008 edition), its appeal for long use no doubt due to its classic shape with large stem and perfect medallic alignment with a second date neatly tucked into the tail. NGC #6205400-001.

Potosi, Bolivia, cob 1/2 real Royal (galano), 1758, unique, NGC XF details / holed. S-P50a; KM-unl; Cal-unl. 1.69 grams. Very choice bold strike on a round flan of even thickness, the cross and monogram as strong as you could ever hope for (a far cry from the regular issues) and the flan broad enough to allow for a bold date, also very deeply toned all over, with inevitable hole at top of cross, extremely rare as a type and the first and only example of this unlisted date that we have seen or heard of. NGC #5964135-005. Pedigreed to the Jorge Ugaz collection (stated on label).