Paraguay (1865-72) 4 pesos fuertes

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from the Stack's Bowers 2022 NYINC sale, lot 2437
SB122-2437r.jpg
from Heritage sale 3097, lot 30344
H3097-30344r.jpg

The first specimen was lot 2437 in Stack's Bowers NYINC sale (New York, January 2022), where it sold for $20,400. The catalog description[1] noted,

"Extremely Rare Cut 1/4 8 Escudos of Paraguay, PARAGUAY. War of The Triple Alliance. 4 Pesos Fuertes, ND (1864-72). VERY FINE. Issued during the War of the Triple Alliance (Paraguay against Brazil, Argentina and Uruguay), abolished by Decree 24 February 1872. Cut 1/4 Spanish colonial 8 Escudos of Charles III with oblique edges applied to cuts, stamped incuse "4" in corner of obverse indicating 4 Pesos Fuertes. An EXTREMELY RARE issue with only a couple of known examples, this survivor being a newly discovery piece. The countermark is deeply applied and well defined on a moderately worn host coin with minor earthen deposits amongst the devices and crevasses. The edge cuts, one cut from the obverse and the other from the reverse with a hand applied oblique edge. This handsome example displays an attractive pale gold coloration offering much originality and a pleasing appearance. The two major grading services have declined to certify this piece, NGC as 'Questionable Authenticity' and PCGS as 'Authenticity Unverifiable', as the incuse 4 stamp differs slightly [from] the only other published example and as such is being SOLD AS IS/NO RETURNS.

During the War of the Triple Alliance gold and silver coins were cut into 2, 4 and 8 parts to circumvent the small change shortage and to pay soldiers. Several different types are known to have been issued during this time, primarily through merchants or other civilians, with different edges and stamps. It is the opinion of this cataloger that the current example is indeed a legitimate issue of the time. The surfaces exhibit signs of circulation both prior and post mutilation as well the style and pattern of the cut edges."

The second specimen was lot 30344 in Heritage sale 3097 (New York, January 2022), where it sold for $45,600. The catalog description[2] noted,

"One of Only 2 Known Paraguayan 4 Pesos Fuertes - One of the Rarest Coins of the Nation. Paraguay: Republic gold Cut Countermarked 4 Pesos Fuertes ND (c. 1866-1869) VF30 NGC. Displaying a 4 countermark on a cut quarter of a Charles IV Spanish Colonial 8 Escudos, which has had an oblique edge device applied along the cut portions. Among the rarest and most significant coins of the still young Paraguayan Republic, reportedly known from only 2 examples, the other of which resides in the Museo Nacional de Bellas Artes in Buenos Aires. Though intimately tied with the War of the Triple Alliance waged between Brazil, Argentina, and Uruguay against Paraguay, Pratt notes that foreign gold and silver coins, as well as "great quantities of cut coins," fragmented by merchants to act as a subsidiary coinage for use in fractional payments, were commonplace in the country throughout the period of the First Constitutional Government (1844-1862). Pieces of the character of the present specimen, however, were not in use until after the aforementioned war broke out in 1865, during which time civilians acting as purveyors of the Allied Armies made use of whatever equipment they had at hand to provide for the lack of local coinage. Given the truly emergency nature of these necessity issues, cut into 2, 4, and 8 Pesos and Reales, no official legislation was issued providing for their production. It was not until the death of Paraguayan President Francisco Solano López in March 1870, and a subsequent decree of February 24, 1872, that the use of cut coins was outlawed in Paraguay, and virtually all examples of the gold issues were destroyed. Cited as far back as 1866 when Manuel Ricardo Trelles edited a catalog of the collection of Manuel José de Guerrico, who owned both specimens, these gold pieces were brought back to collectors' attention by Carlos Pusineri Scala in his "Las Monedas que circularon en el Paraguay durante la Guerra de la Triple Alianzas," and Arnaldo J. Cunietti-Ferrando in his 1980's article "Cuarto pesos fuertes de oro de la Guerra del Paraguay" in Cuadernos de Numismática y Ciencias Históricas (Vol. 12, nos. 47 and 48, August 1985, pp. 27-31). Although several silver pieces appeared in Hans Schulman's 1966 sale of the Howard D. Gibbs Collection, even he did not possess this gold specimen. Though the mint details of the host coin have been omitted from this offering, Peña suggested in 1900 that all of the coins used to create these necessity issues were of Bolivian origin. All considered, a simply unmissable opportunity for the Latin American specialist. Ex. Louis Hudson Collection; Manuel José de Guerrico Collection."

It is estimated that half the male population of Paraguay died during this war.

Recorded mintage: unknown.

Specification: 6.76 g, gold; the first specimen 6.49 g, the second specimen 6.70 g.

Catalog reference: KM-E2; cf. Pena-6. The second specimen is KM-E2 (2 Known; this coin), Fr-Unl., cf. Peña-pg. 11, 6, Pratt-Unl.

Source:

  • Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
  • [1]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.
  • [2]Cristiano Bierrenbach, Warren Tucker and Sam Spiegel, NYINC World Coins Platinum Night Auction 3097, Dallas, TX: Heritage Auction Galleries, 2021.

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