Gold Cobs from Peru

Gold Cobs from the Florida shipwrecks of the 1715 Fleet & other New World wrecks. Spanish Colonial gold cobs from Lima, Mexico, Cuzco, Bogotá, and Cartagena.

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El Peru (Lima)

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 on the onza was repeated at scale on the four and two escudos. The one escudos featured a single castle and small cross design. Please see some examples below.

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 on 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 unlikely 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 done a great deal for our knowledge and the collectibility of the final years of Lima gold cobs. The wreck of Nuestra Senora de la Luz has yielded over a hundred Lima onza and media onza dated 1749-50, with occasional dates back to 1744. 1750 media onza were not known to exist prior to this find.

Smaller 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 verified finds of Lima gold.

From the 1715 Plate Fleet
1698 M Cuzco Two Escudos, very choice and possibly from recut 1696-97 Lima dies

This is a discovery coin, potentially very important in clarifying the relationship between the brief gold coinage at Cuzco in 1698 and the on-going gold coinage at Lima. The obverse of this Cuzco two escudos is the most common Cuzco obverse--see for example Florida State coin # 11.01261--but in the earliest die state yet known. The reverse is from a previously unrecorded die. That die has many unusual features. All the digits and letters, so often mushy or missing, are sharply struck and clear, but most are hand-engraved and show clear evidence of different undertypes. The letters PVA have all been hand re-engraved over smaller letters. The mint mark C shows bits of a very worn undertype that could be L. The assayer's initial is clearly re-engraved over a letter that could be H. The two is recut over a smaller two. The worn pillars and dividers are all re-cut and strengthened, but without original detail. So too the waves, which are of a type only known on the 1696-97 Lima issues of assayer M. In short, the reverse die shows every sign of being a worn 1696-97 Lima die that assayer Melgarejo brought with him to Cuzco in 1698 and reworked for expedient use on the brief Cuzco two escudos coinage. The early state of obverse die, which shows just the beginnings of a die crack that progressively worsens on the left arm of the cross, suggests that this is amongst the earliest Cuzco issues--perhaps before the official new dies had arrived.

This Cuzco two escudos is lustrous and virtually mint state. It is shows perfect centering and NO doubling anywhere on the coin. All of central letters and digits are clear and sharply struck. 90% of the surviving Cuzcos are not so fortunate. It is an issue notorious for bad centering and mushy digits & lettes. The obverse is as choice as any I've ever see on a Cuzco. Look at the sharpness of the cross and lions and castles. Unimprovable!

The coin has unmistakable ocean surfaces and generous amounts of marine deposits including corals. The color and type of deposits are exactly what one sees on coins fresh from the 1715 Colored Beach site, now known to be the wrecksite of the gold-laden patache Nieves. Most of the five Cuzcos in the Florida Collection were also recovered on Colored Beach. The provenance of the coin includes more than 30 years in a prominent private collection that was formed in the late 60's and early 70's and contained other Fleet and gold cob rarities. The recent dispersion of the collection involved a trip to NGC for all the gold cobs. NGC has certified and encapsulated this coin with a grade of AU-58.

Available for sale. Price on request.

Lima 1716 M two escudos struck from 2 reales dies.

Very rare ( two specimens). From an unidentified Caribbean shipwreck

The pillar side of this Lima two escudos was struck in error from two reales dies, creating a remarkable and very rare gold cob type. Note that the date 716 appears in a single register, while the assayer’s initial and mintmark are repeated at two places. The capitals of the pillars are reales style rather than escudos style, and other design differences are immediately apparent. In the entire history of the Lima mint, only two dates ( 1710, 1716 ) are known to exhibit this error. Two 1716's of this type are known, one of which is an abused ex-jewelry coin illustrated in Calico-Trigo (#327).That damaged ex-jewelry piece coin hammered for 2400 pounds in Christie's April 28, 1993 sale as lot 331. This coin, which pedigrees to the Mike Dunigan Collection, is clearly the finest known, a showcase item in any advanced collection of gold cobs.

This coin has a beautiful golden luster with extensive areas of attractive pink, red and blue marine deposits and coral, testifying to its Caribbean shipwreck provenience. Virtually uncirculated as you would expect from a gold cob that shortly after 1716 disappeared beneath the waves for nearly 300 years.

At a time when common date 1709 and 1711 Lima two escudos regularly bring more than $7500, this major rarity is still available, priced at $7350.

From the 1715 Fleet

Mint: Lima, Viceroyalty of Peru
Denomination: eight escudos
Date: 1712 ( Reign of Philip V )
Assayer: M ( Felix Cristobal Cano Melgarejo )
Weight: 26.83 gms

This is an exceptional Fleet onza with none of the doubling and problems that afflict most Fleet 1712's. The pillar side is as perfect as a 1712 Lima onza can be, with the added treat of grey-pink mud and coral deposits that are definitive of a coin from the Corrigan's site. Corrigan's is wrecksite of the Capitana of the 1715 Fleet, Nuestra Senora de la Regla.

Additionally, this is a rare example of the variety of 1712 Lima onzas known as Calico #241. In the more than 70 1712 Lima onzas I have examined this is only the second #241 to surface. The die cutters misjudged the space available on the pillars side legends on this variety and were left with space after ANO for only the digits 71.

Sold.

Lima 1732 N eight escudos

Calico rates the the 1732 onza a rare issue of assayer Joaquin Negron (1727 to 1739 for onzas). Certainly any Negron onza in this condition is rare. Survivors are typically well-worn, grading fine or worse. In the 1730's quality control at the Lima mint began to decline precipitately. Badly off-center and double struck coins became almost the rule, yielding some of the most unattractive products of the Lima mint. This lustrous, near mint, well centered and struck onza is a fortunate exception.

Full weight at 26.94. 30 mm. Calico LA ONZA #297.

Available. $7250.

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