Costa Rica (1846) c/m 8 reales KM-58

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Sedwick Treasure Auction 28, lot 777
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Stack's Bowers 2022 ANA sale, lot 34392
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Stack's Bowers 2023 NYINC sale, lot 21362
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Stack's Bowers 2023 ANA sale, lot 51241
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The first specimen was lot 777 in Sedwick Treasure Auction 28 (Winter Park, FL, November 2020), where it sold for $7,200. The catalog description[1] noted, "Costa Rica, 8 reales, 1846JB, 2-reales counterstamp (Type V) with "8" countermark on a Potosi cob 8 reales, 1754C, extremely rare, NGC VG details / holed, c/s AU standard, ex-Stuart. Choice full counterstamp and countermark (clear "8R" on large 8 in field of lines in circle), the former appearing right above the host coin's date below cross (the Ferdinand VI host type unlisted in KM), with bold denomination and tops of pillars on other side, deeply toned, some marks, the usual hole at edge stripped through from use, only the second example of this rare type we have ever offered. Pedigreed to the Richard Stuart collection (stated on label)." The second specimen was lot 34392 in Stack's Bowers ANA sale (Chicago, August 2022), where it sold for $36,000. The catalog description[2] noted,

"Incredible and Exotic Countermark Combination on a Luis I "Royal" Presentation 8 Reales, COSTA RICA. Costa Rica - Guatemala - Bolivia. 8 Reales, 1846-JB. NGC EF Details--Holed. Type V bi-facial countermark; Obverse: Sun over mountains, additional round 8R punch; Reverse: Ceiba tree flanked by 2R. Issued by decree of 15 October 1846. Bi-facial countermark applied to a 1727-P Y Bolivia 'Royal' Presentation 8 Reales of Luis I with previous Guatemala type II countermark; sun over mountains within circular border. This VERY RARE Costa Rican countermark type seldom appears on the market and is heavily sought after and contested for by collectors. This countermark and host coin combination, to our knowledge is UNIQUE, elevates the wow factor of this elusive issue to elite status for several reasons. Though perhaps not as obvious to the untrained eye, but the host being a Luis I Royal is reason enough for excitement! Another aspect of this incredible rarity is the combination of the Costa Rican countermark over the Guatemalan countermark from at least six years prior with most of the earlier punches design features visible on the cross side. When examining this handsome and important piece, the magnitude of what is actually in front of you begins to set in. The host itself exhibits boldly struck devices with three complete dates, mint marks and Assayer's letters with a nearly complete name of the monarch "LVIS", though the very tops of the letters are off the flan. The Costa Rican countermark is somewhat weak, by coincidence is a blessing, in the center of the host leaving more than enough of the Guatemalan countermark easily noticed without the aid of magnification. The secondary "8R" punch is deeply impressed with a gnarled texture in the fields, though the highest aspects are a bit muddled from the original host designs. When inspecting this piece a hole at 6 o'clock accounts for the details designation, which is by no means a distraction from this immense offering. Despite its shortcomings this awesome presentation coin is bound to draw much attention from interested parties and is sure to be a centerpiece in the next collection it enters.

It is of special interest to note that we are aware of two other examples of just the countermark combination. Both hosts are Guatemala cobs, one dated 1734 contained in a highly advanced private collection and the other is permanently impounded in the American Numismatic Associations collection dated 174x, Accession number 1972.0162. The fact that so few examples are known from this popular series of numismatics is a testament to its great importance with much crossover appeal. Ex: Richard Stuart Collection. Plated in Resellos de Costa Rica by Oscar de La Cruz Segura, published 2001."

The third specimen was lot 21362 in Stack's Bowers NYINC sale (New York, January 2023), where it sold for $7,800. The catalog description[3] noted,

"COSTA RICA. Costa Rica - Bolivia. 8 Reales, 1846-JB. San Jose Mint. PCGS Genuine--Holed, Fine Details. Countermark: EF Details. KM-58; de la Cruz-Unlisted date. Issued by decree of 15 October 1846. Countermark: Type V bifacial; Obverse: Sun over mountains, additional round 8R punch; Reverse: Ceiba tree flanked by 2R. Applied to the obverse and reverse of a Bolivian Cob 8 Reales indeterminant date and ruler. A VERY RARE issue which presents the intricate countermarks of the decree with the crudely produced, tactile cob coinage from a different part of the former Spanish colonial empire. The countermark is nicely centered, though areas are slightly muddled or lacking due to even surfaces, on a charming host displaying richer mottled gray patina. Holed near the lower left quadrant of the obverse as indicated on the PCGS label. Despite its shortcomings a handsome survivor of this popular and desirable issue that is sure to excite many collectors. Ex: Meyer Collection (Spink Smythe 10/2008) Lot # 1258."

The auctioneers correctly note that the specimen shown here is not actually KM 58, which is assigned to counterstamped cobs of Philip V, not Ferdinand VI. However, we figure mint officials didn't care in 1846 and these are now so rare that collectors don't either. The fourth specimen was lot 51241 in Stack's Bowers ANA sale (Pittsburgh, PA, August 2023), where it sold for $12,000. The catalog description[4] noted,

"COSTA RICA. Costa Rica - Peru. 8 Reales, 1846. San Jose Mint. NGC Fine Details--Holed. Countermark: EF Standard. Type V countermarks: "Radiant sun over mountains" and "Ceiba tree with 2-R" within circular punches on the obverse and reverse of a 1701-LIMA H Peru Cob 8 Reales of Philip V (KM-31). An additional countermark "large, thin 8 with 8R on the middle" on the obverse. Despite the noted holing, a typical aspect for this countermarked series, the present example stands as an undoubted RARITY, with a rather elusive host coin and charming detail remaining. The additional countermark is quite unusual in and of itself, and is noted for the entry in KM for this type, for which it serves as the plate coin. It is interesting to point out that the present piece is somewhat sneaky in that the host is Peru rather than its more common Bolivian counterpart. Though the date is slightly obscured, the Lima mint Assayer H began in 1699 and ended in 1708 and then again in 1710. Therefore the date of the host can only be 1701. Ex: Richard Stuart Collection. Plated in Resellos de Costa Rica page 32."

Recorded mintage: unknown.

Specification: host coin 27.07 g, 0.917 fine silver, the first specimen 26.24 grams, the second specimen 27.32 g.

Catalog reference: KM-unlisted (cf 58). The second specimen cf. KM-58; de la Cruz-pg. 33 (this coin illustrated); cf. ANA Collection-1972.0162.0938 (same countermark combination). The fourth specimen KM-58 (this coin cited and illustrated).

Source:

  • Gurdian, Raul, Contribucion al Estudio de las Monedas de Costa Rica: 100 Años de Colon, 2a Ed., San José, Costa Rica, 1997.
  • Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
  • Stickney, Brian, A Monetary History of Central America, New York: American Numismatic Society, 2017.
  • [1]Sedwick, Daniel Frank, Augi Garcia and Cori Sedwick Downing, Treasure Auction 28, featuring the Dr. Peter Jones and John O'Brien collections, Winter Park, FL: Daniel Frank Sedwick LLC, 2020.
  • [2]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, The 2022 ANA Auction - Ancients & World Coins - Featuring The Salton Collection Part III, the Augustana Collection and the Robert C. Knepper Collection, Costa Mesa, CA: Stack's Bowers LLC, 2022.
  • [3]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, The January 2023 NYINC Auction: Ancient Coins, World Coins & Paper Money, featuring the Taraszka Collection and the Mark and Dottie Salton Collection, Costa Mesa, CA: Stack's Bowers LLC, 2022.
  • [4]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, August 2023 Global Showcase Auction, World & Ancient Coins, Costa Mesa, CA: Stack's Bowers Galleries, Inc., 2023.

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