Bolivia 1709-P Y 8 reales
The Spanish colony of Upper Peru produced hammered cob coinage at the Potosí mint from 1573 to 1773, with a major debasement scandal and subsequent reform occurring in 1649-1652. The period 1767-1770 saw simultaneous issue of milled columnarios. The royal or presentation issues are very rare and highly sought after, while the regular strikes vary in price according to the visibility of the date, mint, and assayer initials.
The first specimen shown was lot 603 at Cayon Subastas auction held February 4, 2012, where it sold for 180 euros (about US$280 with buyer’s fees). The catalog description[1] noted "Potosí. 8 reales. 1709. Y. Punto sobre el valor del rev.Plt316 vte. BC+/MBC-. Muy escasa. (Potosi 8 reales, 1709-Y. Pellet above denomination reverse. Fine to about very fine. Very scarce)."
The second specimen was lot 44024 in Stack's Bowers ANA sale (Chicago, August 2024), where it sold for $18,000. The catalog description[1] noted,
"The Celebrated "Corazon" 8 Reales, BOLIVIA. Heart-Shaped Cob 8 Reales, 1709-P Y. Potosi Mint. Philip V. PCGS Genuine--Environmental Damage, EF Details. This fascinating issue, carefully hand-cut at the mint before striking to resemble a heart, is arguably the most unique and desirable type of Potosi's entire colonial series. Though issued in minor denominations all the way down to 1/2 Real, it is of course the large, impressive 8 Reales that garner the most enthusiasm among collectors. Known from just a few dozen examples across all dates, even advanced collectors would count themselves lucky to acquire just one of these EXTREMELY RARE beauties. This example displays a well-centered strike with three visible dates, the king's ordinal, and many other legible design elements. A bit of roughness, most visible on the reverse, suggests this may be a shipwreck find. However, rather minimal handling and muted gray brilliance preserved the coin's enchanting look. The well-placed hole at 12 o'clock corresponds to this special coin's intended use as a pendant. This specimen is assured a great deal of attention when it crosses the auction block. From the S.P. Rutherford Collection."
Recorded mintage: unknown.
Specification: 27.07 g, 0.931 fine silver, 0.8103 oz ASW. The first specimen 27.3 g, the second specimen 28.09 g.
Catalog reference: KM-31; Cayón-9221, Cal-1525; Lazaro-324.
- Cayón, Adolfo, Clemente Cayón and Juan Cayón, Las Monedas Españolas, del Tremis al Euro: del 411 a Nuestros Dias, vol. 1, Madrid: Cayón-Jano S.L., 2005.
- Calicó, Xavier, Numismática Española: Catálogo General con Precios de Todas las Monedas Españolas Acuñadas desde Los Reyes Católicos Hasta Felipe VI, 1474 a 2020, Barcelona: Aureo & Calicó, 2019.
- Menzel, Sewall, Cobs, Pieces of Eight and Treasure Coins, New York: The American Numismatic Society, 2004.
- Paoletti, Emilio, 8 Reales Cobs of Potosí, 2nd Ed., Buenos Aires, 2006.
- [1]Cayon Subastas, Auction February 2012: Highly Important Collection of Spanish and Latin American 8 Reales and other Coins from the Spanish Empire, Madrid: Cayon Subastas, 2012.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- [2]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, August 2024 Global Showcase Auction, World & Ancient Coins, featuring The Emilio M. Ortiz Collection, The Richard Margolis Collection and The Rutherford Collection, Costa Mesa, CA: Stack's Bowers Galleries, Inc., 2024.
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