Peru 1711-L M 2 reales
The first specimen was lot 531 in Sedwick Treasure Auction 27 (Winter Park, FL, May 2020), where it sold for $714. The catalog description[1] noted, "Lima, Peru, cob 2 reales, 1711/0M, very rare. Full pillars with bold full date (clean 711), nearly full but slightly off-center cross with second date below (clear 711/0, unlisted in any reference), nicely toned VF with small edge-split." Despite pleas from locals in Lima for a mint, Spanish authorities preferred to concentrate coinage production at Potosi in Upper Peru. The mint was shuttered multiple times by orders from Spain, not to reopen permanently until 1684. Cob two reales were struck at the Lima mint 1701-46 for Philip V of Spain and became the "two bits" of pirate lore. The fineness was lowered from 0.931 to 0.917 in 1728. The Mexico City mint was converted to milled coinage in 1732-34 but Lima would not follow suit until 1751. The second specimen was lot 686 in Sedwick Treasure Auction 38 (Winter Park, FL, November 2025), where it sold for $5,400. The catalog description[2] noted, "PERU, Lima, cob 2 reales Royal (galano), 1711 M, extremely rare. Impressively large, round flan with nearly full legends and choice inner details despite traces of doubling, the pillars slightly off-center, VF with great contrasting toning, plugged hole to right of cross / near top of right pillar. By our records, this piece is one of just three known. Pedigreed to the Jorge Ugaz Collection of Lima Silver Cob 2 Reales and to Sedwick Auctions 9 (lot 1116) and 24 (lot 744)."
Recorded mintage: unknown.
Specification: 6.77 g, 0.931 fine silver, the first specimen 6.43 grams, the second specimen 6.42 grams.
Catalog reference: S-L20; KM-32 for type; Cal-unl., Cayón-8652. The second specimen is S-L20; KM-R32; Cal-694.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- Cayón, Adolfo, Clemente Cayón and Juan Cayón, Las Monedas Españolas, del Tremis al Euro: del 411 a Nuestros Dias, vol. 1, 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.
- Menzel, Sewall, Cobs, Pieces of Eight and Treasure Coins, New York: The American Numismatic Society, 2004.
- [1]Sedwick, Daniel Frank, Augi Garcia and Cori Sedwick Downing, Treasure Auction 27, Winter Park, FL: Daniel Frank Sedwick LLC, 2020.
- [2]Sedwick, Daniel Frank, Augi Garcia, Cori Sedwick Downing, Connor Falk and Sarah Sproles, Auction 38, World, U.S Coins and Paper Money, featuring the Jorge Ugaz Collection of Lima Silver Cob 2 Reales and the Darby Collection of Guatemala Silver Cobs, Winter Park, FL: Daniel Frank Sedwick LLC, 2025.
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