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Fernando VI, the Spanish monarch who ended the cob coinage at Lima. His ordinal (VI) is visible at 7 o'clock on the cross side of our coin. |
The last gold cobs from the Lima mint
L60. Peru, LIMA 1750 R four escudos, a choice mint state media onza recovered from the wreck of Nuestra Senora de la Luz (1752). Probably the finest 1750 four escudos and certainly the highest certified by NGC, "La Luz Shipwreck MS 63."
Before the discovery of "Our Lady of Light" in 1993, the 1750 Lima four escudos was not known to exist. The recovery from the La Luz proved a 1750 four escudos mintage occurred, but revealed that something totally unexpected and unprecedented had happened in the last days of Lima's gold cob coinage. It now appears that the largest issue ever of four escudos from the Lima mint (1696-1750) occurred in 1750, and in fact mostly in the last month (December) of 1750, and in a completely unplanned fashion. No explanation of this remarkable mintage is yet forthcoming. All we know is that such an exceptional mintage of four escudos never occurred before or after this at the Lima mint. The four escudos was always the rarest denomination at Lima, both for cobs and the milled portrait issues that began in 1751. For the entire post-Fleet era, 1715-1749, only 4 or 5 Lima four escudos are known, reflecting no mintage at all in most years or only a very exiguous mintage that has vanished. Portrait Lima four escudos are also unknown for most years after 1750. All Lima four escudos are rare coins! But let's review what we do know about the remarkable mintage of 1750.
The salvors of La Luz found fifty 1750 Lima four escudos. They auctioned these coins in a 1993 New York Sotheby's sale. Our coin was lot 32 and realized $7700, one of the best prices for a 1750 four. The salvors of the La Luz were numismatists and quickly noticed something strange about the 1750 fours. First of all, there were seven different cross dies in use (one or two would be normal). Secondly, five of the seven dies were not four escudos dies at all. They were 8 escudos or even 2 escudos dies. The vast majority of the 1750 four escudos mintage was not struck from four escudos dies! This was no mint error or mistake. Clearly the coiners at Lima in 1750 had encountered a problem: a large mintage was unexpectedly required (late in the year) and the two normal Lima cross dies were already exhausted. What to do? No new cob dies could be ordered because the cob coinage was now discontinued in favor of milled portrait issues. The coiners had to make do with whatever was on hand, so they carried on striking a substantial four escudos coinage with 8 and 2 escudos dies. Nothing like this had ever happened at Lima, or at any other Spanish Colonial mint for that matter. It was illegal, but necessity made its own law. (The same problem occurred to a lesser extent with the 1750 eight escudos mintage, where the coiners had to mule a worn, retired 1749 pillar die with a 1750 cross die to complete the onza mintage.)
The workmanship of the final Lima gold cob dies under assayer Rodriquez (R) never approaches the fine quality of the Hurtado (H) or Megarejo (M) Fleet-era coinage. Designs features like the lions and castles are unusually crude in the last Limas and carelessly punched into the dies. That said, Rodriquez had clearly made some effort with the normal dies for the last year of cob coinage. Our 1750 four is struck from one of the two normal dies he had prepared for 1750. Both cross and pillars are from four escudos dies. Eight 1750 fours of this variety were found. What a strike from normal dies means is that this coin was not part of the frantic final coinage of December. What it also means is that this is coin is likely to be among the best quality of 1750 fours. The December coinage using worn 8 escudos and 2 escudos dies inevitably shows weak and worn features. The lions and castles in particular often lack any detail. The best and highest quality 1750 fours are going to be from the normal dies. This coin is probably the best of that small (8) group. It is choice mint state with two strong 1750 dates and beautifully centered. A better specimen of this last gold cob from Lima is not to be had.
We hope that on-going archival research will solve the mystery of the 1750 Lima fours. A researcher tells me that there is a suspicion that some re-coinage of 1746-49 escudos suddenly was mandated. If so, this could hint at an unprecedented problem or scandal at the Lima mint. Lima never had problems like Potosi. Whatever the cause, the exceptional final mintage of 1750 is already a special event in the history of El Peru's gold coinage.
Available. Please inquire. Terravitan@aol.com or 480-595-1293
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L61. Peru, LIMA 1750 R four escudos, a choice near mint state media onza struck from an 8 escudos die. Recovered from the wreck of Nuestra Senora de la Luz (1752) and certified by NGC as "Nuestra Senora de la Luz AU 55". From the Sotheby's March 1993 sale.
See what happens when you strike a four escudos from an 8 escudos die! This is not undersized planchet at 23.5 mm, but the cross on an 8 escudos die is 20 mm wide, leaving precious little room for anything else. The bottom loop of the 8 (escudos) is visible above the cross. Some of the L (Lima) to the left and R (Rodriquez) to the right. A beautiful centered and undoubled cross, sharp lions and crosses--this is the best example of an 8 escudos cross on a Lima 4 escudos that I have ever seen. Not an error, as I explain above, but some sort of emergency issue in the very last days of the Lima's gold cob coinage.
Available. Price on request. Terravitan@aol.com or 480-595-1293
If you don't have a copy of the March 1993 Sotheby's catalogue, I strong recommend it for its description of the salvage of the Luz and its numismatic treasures. I have a few extra copies.
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