1754 Academy of San Marcos at Lima, Peru. Silver. 30.4 mm. Unsigned. Betts-399, Fonrobert-8097. Twin leaf edge. Extremely Fine.,12.96 grams. Date and "R" on obverse, reverse displays arms of the academy and a Latin legend that translates as the Academy of San Marcos in the Royal City of Peru. Founded on May 12, 1551, the Academy of San Marcos (now the National University of San Marcos) has the distinction of being the oldest university established in the New World. This medal of 4 reales weight and size comes in two variants, one with an "R" on its obverse, as here, and another with an "A" (Betts-398), the meanings of which today remain obscure. Deep silver-gray toning with rich iridescence, with two inconsequential traces of mounting along edge, not unusual for an academic award like this. A rare medal that only very occasionally turns up, a specimen called AU brought nearly $1200 in a 2017 Sedwick auction, while we sold an PCGS EF-45 of the "R" type for just over $1100 in 2014.Ex Schulman Coin and Mint sale of March 27, 1972, lot 480; Part 13 of Stacks Sale of the John J. Ford, Jr. Collection, January 2006, lot 635.