Mexico 1732-Mo 4 reales

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lot 457, image courtesy Stack's Bowers
from the Stack's Bowers 2022 NYINC sale, lot 2075
SB122-2075r.jpg

This 1732 four reales from the Mexico City mint is an example of the early design for pillar fractionals, where the obverse legend surrounds the periphery. In addition, this unique type displays no demonination or assayer mark by the shield. Gilboy[1] lists this variety as extremely rare, with only a few pieces known to exist. The first specimen was lot 457 in Stack's Bowers Winter 2014 Baltimore sale, where it sold for $5581. The catalog description[2] noted, "MEXICO. 4 Reales, 1732-Mo. Philip V (1700-46). NGC VF Details--Salt Water Damage, Cleaned. The First Milled 4 Reales of Mexico. VERY RARE. Gilboy states that this type which lacks the assayer's initials and denomination may be considered "trial pieces struck directly from the matrix sent from Madrid". From the David Gray Collection. Ex: Ponterio & Associates Sale #89 Lot 789 August 12, 1997 (Front cover coin). Ex: Reijgersdaal." The second specimen was lot 2075 in Stack's Bowers NYINC sale (New York, January 2022), where it sold for $264,000. The catalog description[3] noted,

"Remarkable Quality 1732 No Assayer or Denomination 4 Reales, MEXICO. 4 Reales, 1732-Mo. Mexico City Mint. Philip V. NGC MS-64. Variety with wide date. Without assayers letter and denomination. The single finest certified of the date/variety on the and the single second finest certified of this colonial denomination on either the NGC or PCGS population reports. This very important and historically significant short-lived issue is seldom encountered and should be considered VERY RARE. Beautifully preserved, this exceptional representative is dripping with originality exhibiting bountiful lovely mottled patina that complements the crisp frosty devices with evidence of being struck multiple times. The lustrous surfaces of this near-Gem example are smooth and lustrous with a lovely iridescent sheen that pops out when rotating in the light. This outstanding ever-popular type offers fantastic eye appeal, quality and rarity and is destined to catch the attention of the connoisseur.

Gilboy states that this type which lacks the assayer's initials and denomination may be considered "trial pieces struck directly from the matrix sent from Madrid". Whether this is true or not remains a mystery, but is believed to be the case by leading experts in the field. In his new book A Variety Guide to the Fractional Pillar Coinage of Mexico City 1732-1771 by Brad Yonaka he states "It is thought that these coins were struck from dies sent directly from Spain, to serve as examples of how the coin layout should look". Mr. Yonaka has spent many years studying fractional pillar coinage, corresponding with many advanced collectors as well as respected and knowledgeable dealers and auction houses. In the four Reales alone he examined over 600 specimens and was able to discern 332 distinct dies for the entire series. He also states that he was only able to locate four examples with two different die pairs of this particular type. In any case the present type without assayers letters and denomination is very important to Mexican numismatics as it represents the very first milled coinage of not just Mexico, but the entire Spanish new world. From the Pat Johnson Collection. Ex: Emilio Ortiz Collection (Swiss Bank Corps Zurich 9/1991) Lot # 157. Ex: Norweb Collection (Christie's New York 5/1985) Lot # 190."

Mexican numismatists hotly debate which side of the coin constitutes the obverse. Gilboy[1] depicts the shield side as the obverse as that side bears the king's name. However, auction catalogs and dealer listings more frequently use the pillars and globes side as the obverse, as that side bears the date.

Recorded mintage: unknown.

Specification: 13.54 g, 0.917 fine silver, 0.399 troy oz ASW.

Catalog reference: Cayón-9059, Cal-type-177#1039; Gilboy M-4-1var, KM 94, Yonaka-M4-32; Cal-1106; Harris-unlisted; Palmer & Almanzar-unlisted; Grove-761.

Sources:

  • [1]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 Fractional Pillar Coinage of Mexico City, 1732-1771, Long Beach, CA: Agorocu Consulting, 2017.
  • [2]Ponterio, Richard, and Kent Ponterio, Stack's Bowers Galleries, The Winter 2014 Baltimore Auction, Baltimore, MD: Stack's Bowers, 2014.
  • 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 Felipe VI, 1474 a 2020, Barcelona: Aureo & Calicó, 2019.
  • Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
  • Harris, Robert P., Pillars & Portraits, San José, CA: Bonanza Press, 1968.
  • [3]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, The 2022 NYINC Sale: World and Ancient Coins, featuring the Mark and Lottie Salton Collection and the Pat Johnson Collection, Costa Mesa, CA: Stack's Bowers LLC, 2021.

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