Chile 1758-So J 8 reales
The first specimen was lot 984 in Goldberg sale 46 (Beverly Hills, May 2008), where it sold for $62,500. The catalog description[1] noted,
"Chile. 8 Reales, 1758 So-J (Santiago). Ferdinand VI, 1746-1759. Pillar coinage. Crowned Bourbon arms. Reverse: Crowned globes flanked by crowned and bannered pillars, over water. Bold, even strike, with lustrous devices on reflective to proof-like fields. Splendid original surfaces and mint luster under light golden to iridescent toning. Extremely Rare. Considered the finest known specimen. The famous 'Santiago Pillar Dollar.' It remains one of the most sought after and prized of all Latin American coinage. It is also the only Latin American crown to actually spell out the whole name of Ferdinandus, the king. Examples coming to market remain excessively elusive; one being Superior's Auction, December 1-2, 1990 (NY), lot 551, an eye appealing Very Fine, realized $44,000. Minted from 1751-1758, less than 10 examples are known of all dates. NGC graded AU-58. Pillar Dollars were minted at various mints throughout the Americas. For those collectors trying to find a Pillar Dollar from each mint, Santiago is a major stumbling block. The Spanish colony of Chile was somewhat a forgotten stepchild, due to its relative inaccessability. Travelling overland was through harsh deserts, and travelling by sea required the long and dangerous voyage around Cape Horn."
The second specimen was lot 20210 in Stack's Bowers NYINC sale (New York, January 2020), where it sold for $50,400. The catalog description[2] noted, "Iconic Latin American Pillar Dollar. CHILE. 8 Reales, 1758-So J. Santiago Mint. Ferdinand VI. NGC AU-58. EXTREMELY RARE, popular and highly sought after. All Chilean pillar coinage is really difficult to obtain in any grade, let alone one in this state of preservation. The overall combination of eye appeal, originality and quality of this classical Latin crown raises the caliber of coin this piece really is. The surfaces exhibit a lovely amalgamation of smokey grey and russet colors over the lustrous fields that accentuates the bold intricate design features. An excellent representative of the type where the grade doesn't necessarily reflect the quality. The pervasive tone offers great eye appeal certain to be the center piece of the next collection it enters." The third specimen was lot 30089 in Heritage sale 3107 (Chicago, May 2023), where it sold for $57,600. The catalog description[3] noted,
"Chile. The Legendary Santiago Pillar 8 Reales. Ferdinand VI 8 Reales 1758-J UNC Details (Cleaned) NGC, Santiago mint, KM5, Cal-543. A celebrated Chilean rarity which draws the attention of advanced collectors whenever offered. With a handful of examples auctioned in the last couple of decades, this piece is one of the mere 5 graded by either NGC or PCGS, the finest being the Lissner example which graded MS61. A representative of the first type of silver pieces ever minted in Chile, this iconic Pillar issue was short-lived and struck in exceedingly lower quantities than its colonial counterparts in Mexico, Peru, or Bolivia. The Spanish colonial precious metal extraction/minting ratio depended on the local availability. That is, in places where gold was abundant, little silver was struck; where silver was predominant, the gold survivors are less available. Places such as Santiago and Popayan provided the Spanish Empire with an abundance of gold, while the Cerro Rico of Potosi and several Mexican localities enriched the Spaniards in silver. On top of the natural scarcity of Chilean colonial silver, this piece abounds in crispness across the well-centered and sharply struck flan, with trace luster and a light tone despite the grade qualifier. A highlight of any Spanish colonial coin cabinet. From the Coleccion Val y Mexia, Ex. Kunker Auction 307 (June 2018, Lot 1272)."
All Santiago pillar dollars are rare. Gilboy lists examples for 1751, 1753-58, 1760, 1763-65 and 1767-70 with the years 1758 and 1768 being the least rare.
Recorded mintage: estimated 19,979 pieces.
Specification: 27.07 g, 0.917 fine silver, .798 troy oz ASW; this specimen: 26.97 grams.
Catalog reference: Cayón-10631, Eliz-8; WR-1; Yonaka-S8-58; Gil-SC-8-7, KM 5.
- [1]Goldberg, Ira, and Larry Goldberg, Goldberg Sale 46: the Millenia Collection, Beverly Hills, CA: Ira and Larry Goldberg Auctioneers, 2008.
- [2]Orsini, Matt, Richard Ponterio and Kyle Ponterio, The January 2020 NYINC Sale: Ancient Coins, World Coins & Paper Money, Santa Ana, CA: Stack's Bowers LLC, 2019.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- Elizondo, Carlos A., Eight Reales and Pesos of the New World, San Antonio, TX: 1968.
- Cayón, Adolfo, Clemente Cayón and Juan Cayón, Las Monedas Españolas, del Tremis al Euro: del 411 a Nuestros Dias, 2 volumes, 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 Juan Carlos I, 1474 a 2001, Barcelona: Aureo & Calicó, 2008.
- Gilboy, Frank F., The Milled Columnarios of Central and South America: Spanish American Pillar Coinage, 1732 to 1772, Regina, Saskatchewan: Prairie Wind Publishing, 1999.
- Yonaka, Brad, A Variety Guide to the Pillar Coinage of the Guatemala, Bogota, Lima, Potosi, and Santiago Mints, 1752-1771, Long Beach, CA: Agorocu Consulting, 2018.
- [3]Cristiano Bierrenbach, Warren Tucker and Sam Spiegel, 2023 May 3 - 5 CSNS World Coins Platinum Session and Signature® Auction #3107, Dallas, TX: Heritage Auction Galleries, 2023.
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