Lot 2939

Description

Bolivia, Philip IV (1621-1665), cob eight reales, countermarked crown in circle, type c.1651, host coin dated c.1650, Potosi mint, Assayer O, (26.1 gms), (Cal.497 [without countermark], KM.C19.1). Struck with usual weak areas, off centred on obverse, light silver colour tone, generally good fine and a very rare countermark on only this coin type.

Ex. `Maravillas' wreck. This and the next few countermarked issues are interesting, Krause briefly states 'The problems of the general debasing of the coinage struck at Potosi came to a head in 1651 forcing the Royal government in Madrid to order investigations and a recall of coinage. A program was instituted whereby 8 and 4 reales coins dated 1649-1651 were recalled and either melted down or revalidated for circulation at lower values. This program coupled with a redesign of coinage for 1652 and a return to traditional standards enabled Potosi to overcome the general lack of public confidence. The countermarks served to devalue the host coins circulating value from 8 reales to 6 reales (a similar change in 4 reales coins to 3 reales also was initiated).' The nine coins in this collection represents the largest selection of this type with countermarks sold in this country and possibly in the world. A single example sold in our sale No.31 in March 1990 (realised $2100) was the only previous example that this cataloguer has seen sold in Australia.