Curacao (1815) 180 reaal
This specimen was lot 40177 in Stack's Bowers Summer 2026 Global Showcase Auction (Pittsburgh, August 2026), where it sold for $390,400. The catalog description[1] noted,
"Unique Curacao Countermarked 12,800 Reis, CURACAO. Curacao - Brazil. 180 Reaals, ND (ca. 1815). PCGS VF-20; Countermark: AU Details. Issued by local ordinance of 1815. Countermark: "CH" within serrated border, "⨁" (cross) on obverse, and "●" (test punch) on reverse. Applied to heavily clipped and re-edged 1728-R Brazil 12,800 Reis of Joao V (KM-140), with previous edge countermarks, "G+I", "L", "MH" and bi-facial "Br" (obverse) & "W" (reverse), issued by local ordinance of Governor J.K. Lauffer circa 1796-1803. An extraordinarily rare piece that is probably UNIQUE. This highly interesting issue is one of the rarest countermarked gold coins of the West Indies. To our knowledge, there are about 6 examples of either the five- or six-stamp varieties on 6,400 Reis, with the present piece being a recently discovered example on the only known 12,800 Reis host for this island, bringing the total to 7 known countermarked gold coins. Each of the countermarks are boldly applied and easily identifiable on a moderately worn host. The surfaces are a bit bright, displaying a pale yellow gold coloration with hints of sunset hues in the protected areas. Minor marks and abrasions with a few thin, shallow scratches that are noticed, but nothing of any significance or distracting. Truly a remarkable piece from the West Indies series with few known issues utilizing this large size gold denomination, 12,800 Reis, as a host. An amazing issue that is destined for an advanced collection of the highest caliber. The opportunity to acquire newly discovered West Indies issues does not occur often and should be given serious consideration for the chance to obtain such a marvelous piece.
Known examples:
6,400 Reis:
1) Five-Stamp variety, Gordon-14a (plate coin), countermarks applied to a 17x4-R 6,400 Reis (Joe) forgery, 10.47 g. Ex: Edward Roehrs; Ex: R. C. Gordon; Ex: R. J. Ford.
2) Five-Stamp variety, Gordon-14a, countermarks applied to a 17x6-R 6,400 Reis (Joe). Recently discovered in Europe.
3) Five-Stamp variety, Gordon-103 (plate coin), countermarks applied to a 1788 6,400 Reis (Joe), 11.66 g. With additional stamps of St. Vincent (August 1798) and Grenada (July 1798). Ex: Edward Roehrs; Ex: R. J. Ford.
4) Six-Stamp variety, cf. Gordon-14b, countermarks applied to a 1769-R 6,400 Reis (Joe). 12.12 g. Private Collection.
5) Six-Stamp variety, Gordon-14b (plate coin) Sch-1367b (plate coin), countermarks applied to a 1776-R 6,400 Reis (Joe) forgery, 10.43 g.
6) Six-Stamp variety, Gordon-14c (listed, not plated); Prid-Fig. 24 (plate coin); Sch-1367a (plate coin), countermarks applied to a 1781 6,400 Reis (Joe), 12.35 g. Ex: Fonrobert Collection (1878); Ex: Peltzer Collection (1927); Ex: Eliasberg (2005).
12,800 Reis:
7) Six-Stamp variety, cf. Gordon-14b (same stamps); cf. Sch-1376b (same stamps), countermarks applied to a 1728-R 12,800 Reis, 20.58 g. Recently discovered (present piece).
By comparison it is easy to see the disparity of known surviving examples of Joes (6,400) to double Joes (12,800) that were regulated to circulate in the West Indies. For Curacao alone we now see a 6:1 ratio, but when compared to other islands that ratio becomes even larger, perhaps 50:1 or 100:1. For all known regulated gold in the Islands that utilized Portuguese Joes, very few are known to have used the massive double Joe (12,800). In fact, to our knowledge only the two most common issues, Martinique (1805) and Grenada (1798), which can be found as a single island or multiple island countermark, are only known to have a couple documented examples each. Further elevating the rarity of such an unusual large format gold coin.
For decades, this series of West Indies countermarked gold was a mystery to numismatists with little or no documentation known to collectors outside the Netherlands. Some early scholars merely attributed them to the West Indies without any indication of the issuing authority or date of issuance. It wasn't until Scholten wrote in his book "The coins of the Dutch Overseas Territories 1601-1948", published in Amsterdam in 1953, that some light was shed on these special pieces, and the picture became clearer. According to Scholten, who cites an unnamed Dutch source (most likely a 1913 article by Mr. G. J. Fabius published in the Dutch publication "De Economist"), the first lightweight Joes (6,400 Reis) began appearing in 1793. The local Government, under the direction of Governor Johannes de Veer, took what appeared to be appropriate action by affixing a single stamp to authorize their circulation, but this did not last long. Gresham's Law dictates that bad money drives out good, and soon the lightweight coins in circulation on Curacao were not accepted elsewhere in the Caribbean. Towards the end of the century, at the direction of Governor Lauffer, each Joe was to be stamped five times near the edge ["G+I", "L", "MH" and bi-facial "Br" (obverse) & "W" (reverse)], and provided with a bank certificate of authenticity.
Near the end of the British occupation (1800-03 and 1807-16), the subject of lightweight coinage again became an issue of contention with the local government. The quality of Joes had been steadily declining to the point where they were only 35-36% of the legal value. Then in 1815 action was taken and these lightweight Joes were now subject to new counterstamping ["CH" within serrated border, "⨁" (cross) on obverse, and "●" (test punch) on reverse] making them current at the old rate of 90 Reaals per Joe. After the Dutch regained control of the island, lightweight and counterfeit Joe's, as well as the lack of smaller denominations, remained a problem. The local population began to refuse both genuine and counterfeit Joes. To remedy the problem once and for all, the government took action to withdraw all counterfeit, underweight, and poor quality Joes from circulation. The public could present their Joe's for verification in early 1819, and 26,906 Joes were presented. Of these, 15,858 were deemed to be of poor quality, and were withdrawn and exchanged for a paper certificate. These certificates would eventually be exchanged for new coins, paid for by a temporary increase in certain taxes. The 'good' Joes remained in circulation, but eventually all disappeared, mostly melted for their gold value, which explains their rarity today."
Curaçao, like many islands in the Caribbean, suffered from a chronic shortage of coin as absentee planters pulled profits out of the islands. On several occasions, foreign coins were cut into segments to serve as small change.
Recorded mintage: unknown.
Specification: host coin 28.68 g, 0.917 fine gold, this specimen 20.58 g.
Catalog reference: Fr-Not listed; cf. Prid-pg. 250 Fig. 24; cf. Gordon-14b (same stamps); cf. Sch-1367b (same stamps).
- Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
- Byrne, Ray, Coins and Tokens of the Caribees, Decatur, IL: Jess Peters, Inc., 1975.
- Passon, Tom, Catalogus van de Munten van de Nederlandse Gebieden Overzee, vanaf 1601 tot heden, Apeldoorn, Netherlands, 2022.
- Scholten, C., The Coins of the Dutch Overseas Territories, 1601-1948, Amsterdam: Jacques Schulman, 1953.
- [1]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, Summer 2026 Global Showcase Auction, Costa Mesa, CA: Stack's Bowers LLC, 2026.
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