1569 8 Reales (Felipe II)

An extreme rarity - these coins were the first ever dollar-size coins minted in South America. It is thought that from 9 to 12 examples at most, in any grade, exist of Rincón 8 Reales minted in Lima. Alonso Rincón opened the first mint in the Americas in Mexico City in 1536, then opened the mint in Lima in 1568, and finally opened the mint in Potosí in 1574.

Lima was founded by the conquistador Francisco Pizarro in 1535. He named it the City of the Kings. It became home to the Viceroyalty of Peru and an important religious center as well - in fact, Lima was the second city of the New World behind Mexico City. Its mint was opened in 1568, and the first 8 Reales coins struck there are great rarities. As stated by Wayte Raymond: "Of the greatest rarity and interest."

The treasurer of the Lima mint, Lope de Mendaña Osorio, was ousted from office in 1569 and stood trial on charges in Spain. One of those charges was minting 8 Reales without authorization from the King of Spain.

Sedwick argues that a total of 1,510,046 Reales were struck in Peru by Rincón, with roughly half being 1 Reales. It is estimated that these coins had a survival rate of about 0.0066% - or about one coin for every 15,000 struck.