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Almost Uncirculated Mexico Potosi Mint (Pi) silver 8 reales coin.
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Certified by NGC to AU Details Surface Hairlines, lustrous and well struck with excellent planchet.
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Dunnigan Pi12, "Usually seen about Very Fine. Extremely Fine examples are more elusive than in preceding few years. A few specimens in Uncirculated range are known, but these are usually on crude planchets."
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Dunnigan also notes that "considerable minor variations in legend spacing". The obverse legend of this coin is an shows variable spacing.