(sold for $9987.0)
1846,
COSTA RICA. 4 Reales on a Re-Validated Bolivian 3 3/4 Real, 1846. NGC FINE-15.
cf.KM-50/2 (for basic type). UNIQUE. Type IV Costa Rican countermark applied to a Bolivian cob 4 Reales. The host coin had been previously revalued to 3 3/4 Reales with a type KK "crowned L" countermark, nearly two hundred years earlier in ca.1650-52 (C-17.3). The countermarks applied to this coin tell an incredibly interesting story, an almost unbelievable testament to this coin’s life as a piece of circulating money. The initial host coin is a Spanish Colonial 4 Reales, struck at the mint of Potosi Bolivia in the late 1640's. During this period the Potosi mint underwent a massive investigation concerning the debasement of its coinage, prompting a visit by the Royal Inspector Don Francisco de Nestares Marin, under the orders of King Philip IV of Spain. The investigation was prompted after other countries began to no longer accept coinage from the Potosi mint in trade, as they were found to be of substantially debased silver. In fact, due to this debasement, countries like the Netherlands began countermarking other cob coinage with the Order of the Golden Fleece, assuring the correctness of the metal content. Upon the completion of the investigation at the Potosi mint in 1649, it was concluded that coinage leaving the mint was in fact of insufficient metallic content and debased. Based on these findings, a number of mint officials were found guilty and persecuted. The mint treasurers, silver buyers and assayers were either hung, beheaded or put in prison. To distinguish the new coinage of good metallic content from the old the coinage that was debased, the overall design of new coinage was totally modified. The old "cross and shield" design was replaced with "pillar and waves". As a part of the reform on October 1, 1650, all Potosi 4 and 8 Reales coinage struck over the previous 25 years was ordered to be countermarked and devalued. The old 8 Reales were to be countermarked and devalued to 7 1/2 Reales while the 4 Reales were devalued to 3 3/4 Reales, hence the crowned "L" countermark applied to this coin. The coins were then allowed to circulate for a period of a few years, at the end of which they were ordered to all be melted down. The reason for not immediately withdrawing them from circulation to be melted, was to avoid a massive coinage shortage. In fact, most of the devalued coinage was melted down and re-coined. Most surviving examples come from shipwreck finds, such as the "La Capitana", where the cargo was en-route to Spain to be melted down. That being said, this coin should have been melted down in the mid 1600's. The miraculous factor is that somehow, this coin was still in circulation in Central America in the mid 1800's. It was then countermarked with type IV 1846 Costa Rican dies and re-validated once more, raising the value from 3 3/4 Reales back to that of the initial 4 Reales. A small assay mark is also noted at 11 O'clock, presumably this was done prior to the Costa Rican countermark as a result of testing the metal prior to countermarking. The fact that this coin exists at all, with both Bolivian and Costa Rican countermarks nearly two hundred years apart is mind baffling, and should be considered a total anomaly. UNIQUE and one of the most interesting countermarks this cataloger has had the privilege of attributing.
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COSTA RICA. 4 Reales on a Re-Validated Bolivian 3 3/4 Real, 1846. NGC FINE-15.
cf.KM-50/2 (for basic type). UNIQUE. Type IV Costa Rican countermark applied to a Bolivian cob 4 Reales. The host coin had been previously revalued to 3 3/4 Reales with a type KK "crowned L" countermark, nearly two hundred years earlier in ca.1650-52 (C-17.3). The countermarks applied to this coin tell an incredibly interesting story, an almost unbelievable testament to this coin’s life as a piece of circulating money. The initial host coin is a Spanish Colonial 4 Reales, struck at the mint of Potosi Bolivia in the late 1640's. During this period the Potosi mint underwent a massive investigation concerning the debasement of its coinage, prompting a visit by the Royal Inspector Don Francisco de Nestares Marin, under the orders of King Philip IV of Spain. The investigation was prompted after other countries began to no longer accept coinage from the Potosi mint in trade, as they were found to be of substantially debased silver. In fact, due to this debasement, countries like the Netherlands began countermarking other cob coinage with the Order of the Golden Fleece, assuring the correctness of the metal content. Upon the completion of the investigation at the Potosi mint in 1649, it was concluded that coinage leaving the mint was in fact of insufficient metallic content and debased. Based on these findings, a number of mint officials were found guilty and persecuted. The mint treasurers, silver buyers and assayers were either hung, beheaded or put in prison. To distinguish the new coinage of good metallic content from the old the coinage that was debased, the overall design of new coinage was totally modified. The old "cross and shield" design was replaced with "pillar and waves". As a part of the reform on October 1, 1650, all Potosi 4 and 8 Reales coinage struck over the previous 25 years was ordered to be countermarked and devalued. The old 8 Reales were to be countermarked and devalued to 7 1/2 Reales while the 4 Reales were devalued to 3 3/4 Reales, hence the crowned "L" countermark applied to this coin. The coins were then allowed to circulate for a period of a few years, at the end of which they were ordered to all be melted down. The reason for not immediately withdrawing them from circulation to be melted, was to avoid a massive coinage shortage. In fact, most of the devalued coinage was melted down and re-coined. Most surviving examples come from shipwreck finds, such as the "La Capitana", where the cargo was en-route to Spain to be melted down. That being said, this coin should have been melted down in the mid 1600's. The miraculous factor is that somehow, this coin was still in circulation in Central America in the mid 1800's. It was then countermarked with type IV 1846 Costa Rican dies and re-validated once more, raising the value from 3 3/4 Reales back to that of the initial 4 Reales. A small assay mark is also noted at 11 O'clock, presumably this was done prior to the Costa Rican countermark as a result of testing the metal prior to countermarking. The fact that this coin exists at all, with both Bolivian and Costa Rican countermarks nearly two hundred years apart is mind baffling, and should be considered a total anomaly. UNIQUE and one of the most interesting countermarks this cataloger has had the privilege of attributing.
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