(Real y Muy Distinguida Orden de Carlos III). Established by King Charles III of Spain on September 19, 1771. Of high quality manufacture in a beautiful patinated silver gilt, consisting of an exquisite enameled blue white-framed Maltese Cross with typical ball finials, each quadrant is embellishing by highly detailed hand-chased Fleur-de-lys also in silver gilt, the obverse centre is depicting a finely hand-made portrait of the Immaculate Conception in multiple-colored enamels, on an opaque gilded central medallion with blue enameled edge, the reverse is featuring a central cypher of Charles III with an enameled blue background, bordered by an enameled white ring inscribed the motto VIRTUTI Et MÉRITO (Virtue and Merit), surmounting by a nice laurel wreath also in silver gilt, the ring is marked by unreadable mark, likely French mark, measuring 44.20 mm (w) x 68.15 mm (h - inclusive of laurel wreath and integral ball), light contact on the ball finials, minor cracked enamels, an outstanding piece in extremely good condition.
Footnote: The Royal and Distinguished Order of Charles III was established by King Carlos III/Charles III of Spain on September 19, 1771, to mark the occasion of the birth of his grandson Carlos V/Charles V, future heir of the Spanish throne. It was dedicated to the Immaculate Conception, and was confirmed by Pope Clement XIV on February 21, 1772.