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Carlos III (1759-88)
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Portrait 8 Reales (1772- 1825)
In 1770 Carlos III decided to again revamp the types of his silver coinage. The royal bust, hitherto reserved for gold coinage, now would grace the obverse of his reales. An odd amalgam of pillar and shield design now became the reverse type. The Bust coinage was launched with some atypical co-ordination by all the active New World mints in 1772. It lasted for about 50 years until, under the inept and harsh reign of Fernando VII, the New World colonies broke from Spain and became independent. Royalist coinage ceased at the Mexican mints 1821-23. Lima and Potosi finally ceased in 1824 and 1825 respectively.
PR7. POTOSI. 8 Reales. 1774 JR. Choice mint state and cameo-prooflike. A superb example of a Carlos III 8 reales, and a lucky hoard survivor of the massacres of the Great Aymara Rebellion of 1780.
This Potosi 8 reales, looking so much like a modern silver proof, provokes some aesthetic reflections before I discuss its history. Many of us come to our advanced numismatics studies having begun by collecting series like US silver dollars. In collecting Seated and Morgan US dollars we learned to prize the deep mirror, frosted device look. It gives an essentially two-dimensional coin depth and life and spectacular eye-appeal. Wonderfully, and perhaps surprisingly, the same DMPL look exists on a few 18th Spanish Colonial coins. I personally find the look irresistible, and I suspect that the marketplace will soon agree me. DMPL US silver coins command multiples over similar non-prooflike coins. For now, if you can find these rare and beautiful DMPL Spanish Colonial 8 reales, the premium is very modest.
The term "boldly struck" is sometimes loosely used, but here is an opportunity to demonstrate what it means it for a Portrait 8 reales. Though my photos aren't quite sharp enough, with the naked eye you can see every individual stone, including the capstone in the castle just above. The individual strands of the lion's mane are sharp and in high relief. Every letter of PLUS ULTRA is sharp and deep. On the observe, in the laurel bust Carlos III is wearing you see individual detail in every leaf. Every detail of his face and hair are in full relief. When someone says "boldly struck", this is the detail you should expect to see.
This 1774 Potosi 8 reales has a wonderful if tragic history. It was found in a small pot nearly 40 years in a field near Potosi, Bolivia. Field burials in a pot are a classic sign of an "emergency hoard." People who are fleeing for their lives often cannot or dare not take all their wealth with them. So they bury their treasure in a field and hope to return one day and recover it. The Spaniards who buried this hoard in 1780 never returned. Thousands were butchered in the Great Aymara Rebellion that began in the Fall of 1780 and lasted two years. The pot contained a small group of Potosi two and eight reales dated 1774-1778.
Several 8 reales pieces from this hoard came (unidentified) into the marketplace in 2008-09 and realized $2100-2500 at auction. Most of these 1774's had some degree of prooflikeness, but most also had stains, spots, and areas of weak strike. None, in my judgment, compares with this remarkable specimen.
Available. $2750. terravitan@aol.com or 480-595-1293
PR8. MEXICO. 8 Reales. 1777 FM. Mint State and prooflike. SOLD
As Portrait or "Busto" collectors quickly discover, finding attractive, problem-free true "uncs" is very difficult, even in the so-called high production years of Carlos III. VF/XF coins are plentiful for these dates, sliders can be found, but attractive true uncs are genuinely rare. This 8 reales is lustrous with prooflike fields (great cameo effect). It is free of any distracting marks or planchet problems, and very conservatively graded MS 61 by NGC. Additional images of this coin here. Calico-Trigo tipo 94 num. 840.
SOLD. terravitan@aol.com or 480-595-1293
PR11. Lima. 8 reales. 1807 JP. Choice to Gem Brilliant Uncirculated. NGC MS63 Calico-Trigo tipo 76 num. 639
An exceptionally clean and lustrous coin, sharply struck and with attractive peripheral toning. No adjustment marks or planchet problems of any kind. I would call it without hesitation a Gem BU Busto, but NGC in its wisdom deems it MS 63, and so it is priced. I can tell you I have never seen a better one. Struck in the final year of Carlos IV's unhappy reign when Napoleon finally decided to depose the inept Bourbon monarchy.
Available for $1775. terravitan@aol.com or 480-595-1293
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PR12. MEXICO. Eight Reales. 1796 FM. Well struck and Prooflike, deep cameo on the reverse. The high points show NO wear, but graded AU 55 by NGC. SOLD
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