2 Reales - Felipe V

Felipe V spent much of his reign fighting to keep his crown — the War of the Spanish Succession consumed his first decade, and a brief abdication in 1724 in favor of his son Luis I ended when Luis died of smallpox after just seven months. The Guatemala mint, established in 1731, began striking cob coinage almost immediately, and these macuquina pieces from the 1733–1746 window are among the earliest output of that facility.

KM#4 examples from Guatemala are frequently encountered with weak or partial assayer marks, a known characteristic of the irregular die alignment inherent to cob production rather than post-mint damage.