Spain 1871-SD M 100 pesetas (71)
This specimen was lot 30382 in Heritage sale 3097 (New York, January 2022), where it sold for $240,000. The catalog description[1] noted,
"Finest Certified Amadeo I 100 Pesetas - Ex. Numismatica Espanola Cover Coin. Spain: Amadeo I gold Specimen 100 Pesetas 1871(71) SD-M SP63 PCGS, Madrid mint. Yellow gold. Donato Álvarez Santuyano as assayer. A sensational Spanish rarity in gold, and the first example of this exceptional type that we have ever encountered. Amadeo's short reign, lasting only just over two years from November of 1870 to February of 1873, left little time for the large-scale production of gold coinage. Though not designated as such, their incredibly low mintage figures accord these issues with a Pattern-like level of rarity, making them virtually unattainable to modern collectors, as even fewer appear to have survived than were originally minted. It has been suggested today that perhaps only 6-8 of the 1871 100 Pesetas are known, rendering the present example an unlikely survivor in its choice-certified state - the finest yet recognized by the grading services, which together have seen only an AU55 (NGC), a PR62 Cameo (NGC), and a single other Specimen-designated example ranking SP58 (PCGS).
Indeed, examining the offering in hand, it is not difficult to see how it has achieved this elite status. The devices appear razor-sharp as a result of a formidable strike from fresh dies. A crackled texture graces the fields, creating a unique visual impression, bolstered by a lack of significant handling, while only light wisps throughout are noted alongside a handful of short marks immediately behind the King's neck. Though a Cameo designation has not been awarded, one seems wholly appropriate in light of the piece's appearance, which reveals a complete blanket of golden frost over Amadeo's portrait, the legends, and the central reverse arms alike, yielding a distinct night-and-day contrast against reflective fields that is appreciable from all viewing angles. All said, with the current certification figures accounting for perhaps close to half of all examples extant, the present specimen may well represent a once-in-a-lifetime opportunity to own the finest-certified representative of this famed issue. We note that this very example was previously featured on the 2008 edition front cover of Numismática Española (Calicó), where its medallic level of detail and sharp contrasts are just as evident as they remain in hand."
The ouster of the monarchy in 1868 failed to bring stability to Spain. A short-lived republic yielded to the rule of Amadeo I, a prince from Italy who, finding nobody willing to listen to his suggestions, abdicated in 1873 and returned to Italy. This issue, modeled on the French 100 francs, was likely intended to be patterns.
Recorded mintage: 25.
Specification: 32.26 g, 0.900 fine gold, .933 troy oz AGW.
Catalog reference: KM 668a (Rare), Fr-340 (Very Rare), Cal-11, Cayón-17455 ("25 pieces").
- 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.
- 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.
- [1]Cristiano Bierrenbach, Warren Tucker and Sam Spiegel, NYINC World Coins Platinum Night Auction 3097, Dallas, TX: Heritage Auction Galleries, 2021.
Link to: