Peru 1750-L R 2 reales
This specimen was lot 729 in Sedwick Treasure Auction 38 (Winter Park, FL, November 2025), where it sold for $4,800. The catalog description[1] noted, "PERU, Lima, cob 2 reales Royal (galano), 1750 R, struck on 1R flan, unique. A fascinating coin, clearly a Royal in design (compare with next lot), but not completely round and on a thin, 1R-weight flan with intact edge (hence not shaved down), all inner details full and choice but minimal legend, two dates and all three mintmarks and assayers, richly toned Fine, amazingly unholed, first of its kind we have ever seen or heard of. Pedigreed to the Jorge Ugaz Collection of Lima Silver Cob 2 Reales.
Note: Lima Mint, 1750: Causes of Irregularities The unusually high number of mules, errors, and off-standard coins struck at the Lima Mint in 1750 can be traced to the aftermath of the great earthquake of October 28, 1746, which destroyed much of Lima and its mint. Operations resumed only after several years of repair, using damaged equipment, reused dies, and temporary facilities, often under unskilled supervision. At the same time, the mint was in the midst of the Bourbon transition from hammered cobs to milled coinage, creating overlap between old and new systems. Shortages of engravers, delays in receiving official dies from Spain, and pressure to restore coinage quickly led to inconsistent production. The result was a flood of irregular strikes, die mismatches, and experimental issues, making 1750 the most erratic year of late cob coinage in Lima, just prior to the adoption of milled coinage in 1751."
Cob two reales were struck at the Lima mint 1747-52 for Ferdinand VI of Spain and became the "two bits" of pirate lore. In 1732, the Mexico City mint began minting pillar coinage but the Lima mint would not follow suit until 1751-52. Assayer R is recorded for 1748-52. Specimens with legible dates are scarce.
Recorded mintage: unknown.
Specification: 6.77 g, 0.917 fine silver, this specimen 3.83 grams.
Catalog reference: Cayón-10384, S-L23; KM-unlisted as a "royal"; Cal-unl (Type 37).
- 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.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- [1]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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