World Gold - 1754GJ 8 Escudos, Guatemala NGC AU53 - extremely rare!
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6615905001-2
It is with true pleasure that we offer for consideration a great rarity from Spanish America: a gold 8 Escudos struck under Ferdinand VI in 1754, graded NGC AU53. what makes this specimen so special is that it was struck at the Guatemala mint (modern day Antigua) which is an automatic rarity to begin with! Not only that, this fine specimen is, to this day, the finest known of this extremely rare issue.
The obverse features the small-headed, armored and draped bust of el Sabio, the Wise facing right, with the narrow bust point over REX. On the reverse, we see a small crowned shield in the Collar of the Golden Fleece, with the motto NOMINA MAGNA SEQUOR translated as "I Follow Great Names". Fr.4, KM 19, Cayón 10142.
A largely lustrous coin of a monarch called "el Sabio, the Wise" but who succumbed to melancholia when he believed himself incapable of measuring up to the "Great Names" invoked on his gold coins. He died under restraint in the darkness of mental illness.
The Old Guatemala Mint issued only two dates of this type, quickly superseded by the broad bust point design in 1757. This example shows striking weakness on the highest point of the bust and some light wear with a field nick in right obverse field and the hairlines that are inevitable on these soft, heavy coins. Neither type was represented in the great Iovino Collection, and the Norweb coin was measurably lower grade. Here is one of the finest known of a short-lived and elusive type.
Ex Stack's March 2006 Sale, Lot 913; previously ex Louis E. Eliasberg Collection (ANR, April 2005, Lot 3017), Col. James W. Flanagan Collection (Stack's, March 1944, Lot 349)
A Brief Historical Perspective
The Guatemalan 8 Escudos were first machine-struck in 1754 during Ferdinand VI's 13-year reign. The machine striking added a rim to the coins that had previously been minted with crude edges--also known as cobs. 1754 was also the first year where the actual bust of Ferdinand VI was used, as opposed to that of Felipe V. As Calico states in his book La Onza that there are very few specimens known, and Krause simply calls it "Rare".
The mint in Guatemala was a late addition to the economy of Spanish America. The request to have a mint there was not accepted until 1730, when the Viceroy of New Spain and the bishop of Guatemala jointly petitioned the king. It was via a Royal Decree of January 17, 1731, that Felipe V approved its creation. In order to lower costs, the Mexico mint was responsible for creating and running the new mint. Mexico sent its old minting equipment to Guatemala, which arrived in February 1733 (in what is now Antigua, Guatemala), along with a large technical team led by José Eustaquio de Leon, the long-time assayer of the Mexico mint, who became the director of the new mint. The creation of trial pieces began that year, however the mint did not officially open its doors until July of 1738. Hammer production of coins was carried out during the rule of Felipe V, with dies of the new king, Ferdinand VI, being shipped to Guatemala at the end of July 1746. It was a Decree of May 14, 1751, that saw the crown order the new mint to change its production methods.
While the hammer method was still being employed, this issue was first released on March 29, 1754. The letter 'J' on the reverse, within the golden fleece to the left of the coat of arms, is the assay mark of José Eustaquio de Leon. The design of the obverse of this coin is quite striking. It is the first type: the small head with the chest widening at the lower part of the bust. This design type had been abandoned some years before in Madrid and Seville (1747 and 1748 respectively) and was still in use, in addition to Guatemala, in Mexico (1748-1756) and Santiago (1750-1759).
| Grading Service | NGC |
|---|---|
| Year of Issue | 1754 |
| Grade | AU53 |
| Denom Type | World |
| Numeric Denomination | 8 Escudos |
| Mint Location | NONE |
| Designation | NONE |
| Circ/UnCirc | Circulated |
| Strike Type | Business |
| Grade Add On | NONE |
| Holder Type | N/A |
