Hi Andrew, If I apply general US grading criteria, I give this coin a G-6 to VG-8 grade for obverse; the weak rim holds the grade down. The reverse is better and probably merits a Fine-12 grade. The small reverse rim bumps might hurt the value a little. Interesting coin; I like the pillar motif on the reverse. Is it scarce?
I guess it is a popular type because although 1,044,000 were minted, Krause (Km# 702) values it at $35.00 in F, $130.00 in VF, $600.00 in XF, and $1400.00 in Unc. 1894 is the secondmost key date in the Alfonso XIII peseta series (1889 is first); not bad for 2 euros though. F-12 is what I have on the case.
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