LOT   /  Treasure, World and U.S. Coin Auction #17 (April...  / 

711

Lima, Peru, 8 reales, Philip II, assayer R (Rincon), extremely rare and important first "dollar" coi

Currency:USD Category:Coins & Paper Money / Cobs - Lima Silver Start Price:32,500.00 USD Estimated At:35,000.00 - 50,000.00 USD
Lima, Peru, 8 reales, Philip II, assayer R (Rincon), extremely rare and important first dollar coi
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This item SOLD at 2015 Apr 30 @ 10:46UTC-4 : AST/EDT
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Lima, Peru, 8 reales, Philip II, assayer R (Rincon), extremely rare and important first "dollar" coin of South America. S-L1; KM-13; CT-138. 25.00 grams. The three primary cob-producing mints in the Americas—Mexico, Lima and Potosi—all started with an assayer named Rincon, and at each mint the Rincons produced 8 reales in very small quantities, making them very rare and desirable in our time. The Potosi Rincon 8R, made in 1575, is the commonest of the three, with just a few dozen known, struck shortly before Alonso Rincon’s death; at the other end of the scale is the Mexican Rincon 8R, of which only three are known from a more or less experimental run in 1538 (see our Auction #16 for the latest example), due to reported difficulties in making them. In between is the Lima Rincon 8R, like the present specimen, with a known population under ten and highly coveted as the first “dollar” made in South America, struck in 1569 without proper authorization and quickly discontinued. The present specimen, offered here for the first time, is unpublished and in fact was struck from previously unknown dies.
The previously known dies were classified by Cayon as Type I, with motto abbreviated as PL-VSV-LT, and Type II, with PL-VSVL-TR. Both Types can be found mated with obverse dies that show the king’s name as PHILIPVS or (erroneously) PHILPVS, corresponding to ornaments in the crown that either all match or change to tulips on the 2nd and 4th points. The present specimen is not only a new Type, with full motto as PLV-SVLT-RA, but also a new obverse die, with matching ornaments yet correct spelling of king’s name.
This new specimen is also among the finest of the issue, with no doubling or flatness of any significance, well centered and beautifully toned. The crown and shield and pillars are all exceptional. The surfaces do show traces of very light porosity (net VF), but not to the point of significant weight loss, so we suspect that it was struck below standard to begin with, a problem known to have contributed to the rapid discontinuation of these coins. After all, the historically best two specimens (see below) were each under 27 grams also and had no corrosion at all.
For price comparison we think it is fair to cite those two best known examples, commonly known as the “F.C.C. Boyd specimen,” sold in the Millennia auction (Goldberg, May 2008) for $240,000 plus buyer’s fee (later sold for $170,000 plus buyer’s fee in 2011), and the “Sellschopp specimen,” sold in the Swiss Bank Corp. auction of September 1988 for 180,000 francs or about $118,421 plus buyer’s fee (later sold for 150,000 francs or about $103,448 plus buyer’s fee in 1991). Regardless of what it realizes now, doubtless this new specimen will find a proper home in a collection of great distinction.
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