An MS63-graded 1732 Philip V 8 reales will lead Heritage Auctions' August 11 sale of Mexican coins.
The coin is valued at $100,000-150,000.
It's a key piece for collectors as it's the first date in the pillar dollar series, so named for the pillars of Hercules that flank the Spanish arms on the reverse.
It was issued in Mexico City, which became a Spanish colony in the 16th century.
The auction house describes it as "a wonderful example of the rare and iconic first date in the series, currently the second finest certified at NGC, and certainly among the very finest extant…
"Real Mint State examples such as the present coin are what numismatic dreams are made of…
"[It is] a true wonder coin that will elicit fierce bidding competition and should establish a record price for the type."
The present record for the type is $75,000, set for an AU58-graded example from the Millenia collection in 2008.
A 1732 Philip V 4 reales will also be offered, with an estimate of $30,000-35,000.
Graded AU58, it's in mint state and was formerly in the legendary collection of Dr A Patterson.
It last sold in 1996 for £18,500 ($24,100).
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