On the gold coinage of Fernando VII of Spain

Historical Perspective

Gold coins were minted in the name of Fernando VII in Spain and all the colonial mints which struck gold. Fernando became titular king of Spain in 1808 upon the abdication of his father Carlos IV, pressured by Napoleon. Fernando was promptly clapped into a French prison (actually, the Chateau de Valencay) so Napoleon could install his brother Joseph as king. Fernando's supporters called him El Deseado, "The Desired One," who would someday come and drive out the foreigners.

Despite the assistance of a French army unafraid to commit atrocities, Joseph was never able to cement his hold upon the throne. Denuded of troops for Napoleon's Russian campaign of 1812, the French army was unable to withstand Wellington's assaults. By 1813, Joseph had fled and Fernando was back on the throne in Madrid.

The Mexican Response

1809 8 escudos

1810 4 escudos

1811 1 escudo

How did Spanish Americans respond to these tumultuous events? Viceroys and town councils, anxious to preserve the status quo, recognized the first abdication (that of Carlos IV) but not the second (that of Fernando). Coins were issued in Fernando's name but used various "imaginary busts." Fernando, languishing in a French prison, was not available to have his portrait taken. By 1814, when matrices and dies were finally available from Madrid, all the colonies were in full revolt from Spanish control. After wars of appalling violence, the last Spanish army was expelled from America in 1825.

We present here a type set of Mexican gold coins from the reign of Fernando. Mexico is selected as it matches the author's collecting interest and her coins the most available though none are common. The eight escudos is the most available, with the "imaginary bust" appearing more often than the "standard bust" even though the latter was struck for more years. Both appear in this exhibit, with an eight escudos of Carlos IV to show the reverse.

standard bust 8 escudos, 2 escudos, 1 escudo & ½ escudo

The four escudos is represented by an "imaginary bust" specimen, no "standard bust" being available for this exhibit. Two escudos are known only with the "standard bust" shown here, a very rare type. The one escudo comes both "imaginary bust" and "standard bust," shown here. The half escudo is represented by a "standard bust," no "imaginary bust" is known to exist.

1813-Ga 8 escudos

Some very rare gold issues are known from the branch mint of Guadalajara; they are represented by photographs only.

The Other Colonial Mints React

1818-P 8 escudos

1810-So 8 escudos

1817-So 8 escudos

The other colonial mints responded in their own fashion. The Potosi mint in Bolivia never struck much gold, the Fernando issues include some rare one and eight escudos, mostly standard bust. The Guatemala mint issued one through eight escudos with the standard bust, all rare. The Colombian mints, Nuevo Reino and Popayán, never adopted either bust but used the old king's bust on issues of one through eight escudos. The Santiago mint briefly used an imaginary bust but reverted to the old king's bust for its issues of one through eight escudos.

Lima in Peru had the most tangled story and was the only other mint besides Mexico City to strike half escudos. Gold issues of 1808-11 used an imaginary bust, those of 1812-14 used a draped bust adapted from the silver coinage and those of 1814-21 used the standard bust. Finally, royalists fleeing defeat in Lima set up a branch mint in Cuzco and managed to strike a few eight escudos in 1824.

Events in Spain

Unlike American mints which concentrated on eight escudos, mints in Spain proper made the two escudos or "pistole" the most common denomination. The Madrid mint was immediately seized by the French and used to strike coinage for the puppet king Joseph. Loyalists managed to hold onto the Seville mint until 1809, striking two escudos with an imaginary bust of Fernando. The loyalists were forced to move that mint to Cadiz 1811-14, striking two escudos and a few eight escudos. After the overthrow of the French, the king's supporters returned to Madrid and Seville and struck gold coins until the king's death in 1833. All the gold denominations except the two escudos are rare.

Specification

All the Spanish and Spanish colonial gold coins were 0.875 fine gold. The eight escudos weighed 27.07 grams, the four escudos 14.34 grams, the two escudos 6.77 grams, the one escudo 3.38 grams and the half escudo 1.69 grams. These are, of course, the theroretical weights; the actual coins were usually slightly less but a few specimens are known slightly overweight. Platinum counterfeits are known. All the specimens shown here were within the normal weight tolerance.

Sources

Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
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.
Friedberg, Arthur L. and Ira S. Friedberg, Gold Coins of the World, From Ancient Times to the Present, 9th ed., Clifton, NJ: Coin and Currency Institute, 2017.
Kraljevich, John, John Pack, Elizabeth O. Piper and Frank Van Valen, The Louis E. Eliasberg, Sr., Collection of World Gold Coins and Medals, Wolfboro, NH: American Numismatic Rarities, 2005.
Pradeau, Alberto Francisco, Numismatic History of Mexico, from the Pre-Columbian Epoch to 1823, 2nd Ed. New York: Sanford J. Durst, 1978.
Utberg, Neil S., The Coins of Mexico, 1536-1963, San Antonio, TX, 1963.

Links to

Gallery

1810-W 40 francs, obverse, featuring the bust of Napoleon
1810-W 40 francs, reverse
1809-M 80 reales, obverse, featuring the bust of Joseph Napoleon
1809-M 80 reales, reverse
Carlos IV and his family, by Goya, 1800
Fernando VII, by Goya
Goya's One cannot look at this, c.1814
Goya's I saw this, c. 1814
Goya's There's No Help For This, c.1814
Goya's Third of May, 1814
Goya's Second of May, 1814