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Carlos II (1667-1700)
Philip V (1700-1747)
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LIMA 2 & 4 ESCUDOS FROM THE 1715 FLEET
Lima two and four escudos, with dates from 1696 through 1712, have been recovered from 1715 Fleet sites. No Lima gold cobs were struck in 1706, and, though 1713 and 1714 eight escudos are confirmed from Fleet sites, no 1713 or 1714 Lima two or four escudos are known from Fleet sites. Two and four escudos in the name of Carlos II were issued from 1696 through early 1701. All are rare or very rare. Several dates have only one or two surviving representatives. Early issues of Philip V, 1701 to 1704, are comparably rare. In 1709 Melgarejo (M) succeeded Capt Hurtado (H) as the assayer of Lima gold, and except for 1710, when Hurtado is again in charge for unknown reasons, Melgarejo is responsible for the remaining years of Fleet mintage.
L18. Lima 1704 H four escudos, The 1704 Lima four is a very rare coin. Only two are known and this is the only one with 1715 Fleet provenance, having appeared as lot 140 in the first Real 8 sale, Christensen's Ubilla-Echeverez Sale of October 8, 1964. Lustrous, near mint state, and very well struck.
The only other 1704 Lima four belonged to Emilio Ortiz and sold as lot 127 in the 1991 Swiss Bank Corp auction of this collection. The Ortiz coin has a large crack, is off center far enough that the L mintmark is missing, and is not an escudos with Fleet provenance.
Available. $17500.
terravitan@aol.com or 480-595-1293
From the 1715 Fleet L12. Lima 1711 M two escudos. Choice mint state and lustrous with slightly prooflike fields. From the Colored Beach site, the wrecksite of the the Fleet patache Nieves. 6.78 gms, 21 mm
Mint: Lima,
Viceroyalty of Peru origin: Douglas Beach, wrecksite of the 1715 Fleet patache NIEVES
condition: choice mint state
This Lima two escudos has just about everything you could want in a Fleet Lima. Both sides are almost perfectly centered on large planchet that allows you read much of the legend (less than 10% of Limas show this near perfect centering). All the key letters and digits are sharp and undoubled (almost all Limas should some noticeable doubling on the obverse or reverse). The coin has gorgeous color and mint state luster. Again, most 1705-1711 Fleet Lima two escudos show some doubling and centering problems, plus poor striking that compromises some central letters and digits. Sadly, Lima twos dated 170x are common. A word of advice if I may: avoid those coins! Clearly the Lima mint was somewhat challenged in producing a properly struck and centered two escudos. This coin is a happy exception that proves they sometimes got it all right.
This 2 escudos has a interesting if somewhat checkered personal history. It comes from a famous Las Vegas collection, and before that, from Real 8. In the late 60's, one Real 8 member was somewhat fond of visiting Vegas and showing off his 1715 Fleet treasures. When the management of one casino saw a group of 1711 escudos, the date reading 711, there was an immediate connection to lucky "7-11". The casino bought his 1711 escudos--and later some more coins from the market--and began offering them as prizes or selling them outright. This promotion lasted for only a few years, of course, because there not that many 1711 from the Fleet!
A Lima two escudos of this quality would have an opening or minimum bid of $7500 in a Calico or Cayon auction. A recent sale in the US of a mint state Fleet 1711 exceeded $7500. Frankly, I think auctions are not the best place to buy or sell material of this quality. For about $1000 less than the opening Spanish bid, you may claim this delightful 1711 Lima two.
Available. Price on request. terravitan@aol.com or 480-595-1293
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A Brief History of Lima Gold Cobs
After a short-lived, unauthorized experiment in gold coinage in 1659-60-- which enraged Philip IV-- the Lima mint began legally striking gold cobs in 1696. It continued to do almost continuously until 1750. Earthquakes, plagues, mining and economic problems several times curtailed gold production at Lima, but only in one year,1706, does a combination of these conditions seem to have stopped it.
Gold cobs were struck each year in four denominations: an eight escudos or onza of about 27 grams, and a four, two and one escudos at appropriate fractional weights. Onzas always comprised the bulk of the mintage, followed by the two and the one escudos. The design of the onza was repeated at reduced scale on the four and two escudos. The one escudos featured a single castle and small cross design.
Lima gold cobs were struck in the name of these four Spanish monarchs: v Charles II, 1696-1701 ( Charles died in 1700 but his coinage continues into 1701 ) v Philip V, 1701-1724, 1724-46 ( second reign) v Luis I ( 1724) v Ferdinand VI (1746-1750)
Six assayer’s initial appear on Lima gold cobs: Ø H—Francisco Hurtado, 1696-1711 Ø R— Miguel Rojas , 1699 Ø M – Cristobal Melgarejo, 1709-1728 Ø N—Joaquin Negron, 1728-1741 Ø V— Vargas, 1739-1748 Ø R-- Jose Rodriquez 1748-50
In general the quality of gold cobs produced under Capt Hurtado was high, very high in the first years of the coinage under Charles II. Melgarejo at first continued to strike high quality gold cobs, but by the end of the Fleet era (1714), flans were becoming smaller and designs ( especially the cross) cruder. Some design experimentation in 1716-1717 produced the modified types that would henceforth grace Lima gold cobs. By the end of Melgarejo’s tenure and throughout those of his two immediate successors, Negron and Vargas, quality continued to decline, reaching its in nadir in some 1740’s issues of Vargas that are almost unrecognizable as Lima gold cobs. Some improvement occurred in the last three years of cob coinage at Lima under Rodriquez, but on small, crowded flans, so unlike Hurtado’s wonderful issues.
Two shipwrecks have contributed significantly to our knowledge and the collectiblity of Lima gold cobs. Prior to the discovery of the 1715 Fleet Florida wrecks in the 1960’s, many of the gold cobs in the era 1696-1714 were completely unknown or known in only one or two specimens. 1715 Fleet salvages have added perhaps 1500 collectible specimens to that population. Many Fleet dates remain very rare coins (1-3 known), but now at least there is a chance to own a 1702 onza or 1700 media onza! About 150 beautiful Lima gold cobs are impounded in the Florida State Collection.
A shipwreck found in 1992 in Montevideo harbor has also done a great deal for the collectibility of the final years of Lima gold cobs. The wreck of Nuestra Senora de la Luz has yielded over a hundred Lima onzas and media onzas dated 1749-50, with occasional dates back to 1744. 1750 media onzas were not known to exist prior to this find.
Smaller more recent finds include a scant but interesting group of 1715-17 Limas from the 1719 wreck of the VOC merchantman Loosdrecht off the Isle of Wight. Surprisingly, the 1733 Fleet sites of the Florida Keys have not yielded any verified finds of Lima gold.
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