Lot 2302

Description

George III, emergency issue two reales or quarter dollar, oval countermark on 1786 FM, Mexico City Mint, two reales (S.-). Countermark good very fine, host coin fine, very rare.

Ex Auckland Coin & Bullion Exchange, purchased in 1982, A number of numismatic writers have remarked on these fractional countermarked coins. Manville in BNJ Vol.70, in 2000 (p.107-111) concludes that all fractions are concoctions made in the early 19th century, he can only explain the use of genuine oval countermarks on these fractions by the duty mark punches for the head being available for silver marking at the nine silver hallmarking regional centres and used by workman to create fractions. Seaby in ESC in the first edition in 1949 includes the two reales as a fourteen pence coin and oval on a one real as seven pence, but it was dropped in the second edition in 1957. Pridmore also questions the official status of these Spanish dollar sub divisions. The official records clearly indicate that only dollars were countermarked, however Kelly in Spanish Dollars argued that fractions in Bank accounts indicated that small coins must have been marked as nearly half of the day totals made show half and quarter dollars. Consequently the Bank added half and quarter dollars to make up a bag to the standard weight of 1000 ounces troy. The true explanation is yet to be established but clearly these fractions are most interesting and important to any collector of this series.