Peru 1738-L N 8 reales
Cob eight reales were struck at the Lima mint 1701-46 for Philip V of Spain and became the "pieces of eight" of pirate lore. Specimens with legible dates bring triple those without. The fineness was lowered from 0.931 to 0.917 in 1728. The first specimen shown was lot 527 at Cayón Subastas auction held February 4, 2012, where it did not sell. The catalog description[1] noted, "Lima. 8 reales. 1738. N. Agº. MBC. (Lima 8 reales 1738-N. Holed. Very fine.)" The second specimen was lot 701 in Sedwick Treasure Auction 39 (Winter Park, FL, May 2026), where it sold for $15,600. The catalog description[2] noted, "PERU, Lima, cob 8 reales Royal (galano), 1738/7 N, cross-of-five-dots at top, unique, NGC XF details / holed, finest and only example in NGC census, ex-Ugaz. Very bold full details on a broad flan with much legend, richly toned all over, with typical hole at bottom of cross, unique in that the date between the pillars shows 8/7 for the last digit (not noted by NGC), confirming the existence of a heretofore unknown 1737 Royal die, clearly different from either Lázaro 27 or 28 (both rated R4), a beautiful and highly important discovery coin for the Lima specialist and collectors of galanos. Pedigreed to the Jorge Ugaz Collection (state on label)."
Recorded mintage: unknown.
Specification: 27.07 g, 0.917 silver, 0.7980 oz ASW. The first specimen 26.9 g, the second specimen is 27.73 grams.
Catalog reference: KM-34a; Cayón-9402. The second specimen is S-L21; KM-R34a (unlisted date); Cal-unl (Type 161).
- 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 Juan Carlos I, 1474 a 2001, Barcelona: Aureo & Calicó, 2008.
- [1]Cayón Subastas, Auction February 2012: Highly Important Collection of Spanish and Latin American 8 Reales and other Coins from the Spanish Empire, Madrid: Cayon Subastas, 2012.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- [2]Sedwick, Daniel Frank, Augi Garcia, Cori Sedwick Downing, Connor Falk and Sarah Sproles, Auction 39, 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, 2026.
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