Catholic Kings (1474-1504). 1/8 real. Granada. (Cal-153, same dies). Anv.: · FERNANDVS · D · G · REX ·. F coronada entre G y roel. Rev.: hELISABET · D · G : REG ·. Y coronada. Ag. 0,40 g.

Second known example. Light patina and a small bend at one of the edges. Extremely rare, of the highest numismatic interest and historical importance.

It would be a delight for any collector and an excellent opportunity to acquire a wonderful specimen that would be a highlight in any coin collection and we are sure we will not see it offered at auction for many years again. The other specimen (made with the same dies) was auctioned on December 12, 2018, by Áureo & Calicó as part of the Isabel de Trastámara collection, with a hammer price of €65,000.

This exceptional ⅛ real fraction, minted in the Granada mint under Christian rule, stands as a unique numismatic testimony to the political, economic, and cultural unification process undertaken by the Catholic Monarchs after the conquest of the Nasrid Kingdom in 1492. It belongs to the period of monetary reorganization led by the monarchy, aimed at strengthening royal authority through a uniform monetary system centered around the silver real.

Although the Pragmatic of Medina del Campo (1497) is the most well-known legal reference for this reform, its foundations can be traced back to the Pragmática of 1417 (under Juan II), which established the real as the basic monetary unit. From 1475 onward, the Catholic Monarchs revived this model and promoted the issuance of smaller denominations, such as this ⅛ real, to support local trade and circulation in newly incorporated territories.

What makes this coin particularly fascinating is its square shape—atypical within the traditional Castilian monetary system. This form may have been a deliberate strategy to emulate the old ¼ dirhams, which circulated widely in the Kingdom of Granada before its conquest. Thus, this small coin served as a cultural bridge, designed to facilitate its acceptance among the Mudéjar population, blending familiar aesthetics with the Christian symbols of the new rulers: Ferdinand’s yoke, Isabella’s arrows, and possibly the heraldic pomegranate or the “G” mintmark.

As such, this coin carries immense historical and symbolic value, embodying the intersection of civilizations during a pivotal moment in Iberian history. Its rarity, integrative purpose, and possible political significance make it a highly prized piece for collectors of medieval coinage and those interested in the Catholic Monarchs . Almost XF. Est...35000,00.

Philip II (1556-1598). 8 reales. ND (1568-1570). Lima. R (Alonso Rincon). (Cal-651). (Calbetó-243 var). (Cy-3911). Anv.: PHILIPVS : II : D : HISPA. Rev.: NIARVM · ET · INDIARVM · REX. Ag. 25,51 g.

Assayer R to the left of the shield; on the reverse, above the waves, the denomination 8 in Arabic numeral, and in the center, the inscription PL/VSV/LT. Legends are complete, though somewhat weak in certain areas. An extraordinary obverse, considered among the finest known. Slight double striking and hairlines on the reverse. Fine transversal crack, more pronounced on the reverse, with some excess of metal. Extremely rare. Slabbed by NGC as AU Details, Obv. Tooled.

These coins are regarded as the first South American “dollars.” They were minted without explicit authorization and exhibit notable technical deficiencies — such as weight below the legal standard, irregularities in the die work (including double striking and cracks), the use of dies with spelling errors, and rudimentary engraving — which led to the rapid suspension of their production. They belong to the earliest 8 reales issues in the Americas, produced by assayers surnamed Rincón at the mints of Mexico (1538), Lima (1568–69), and Potosí (1575). Only three specimens are known from Mexico; those from Potosí number only a few dozen, while Lima pieces, such as this example, have fewer than ten registered specimens, making them iconic in colonial numismatics.

The Lima Mint was authorized by Philip II by Royal Order on August 21, 1565, although actual operations did not commence until September 1568. Under the direction of assayer Alonso Rincón — son of the renowned Rincón of Mexico — the mint was established in the local government building, which also served as a jail. On September 2, 1568, the die bearing the initial "R" was delivered, and the first silver deposits date from the 6th. In just over a year, more than 20,000 marks of silver were recorded, originating both from the Royal Treasury and a small group of local merchants known as "silver banks."

The mint’s activity was intense but brief and troubled. By late 1569, following an official inspection, various irregularities were detected, including the alleged misappropriation of seigniorage — the fiscal profit from minting — as well as the production of 8 reales coins not stipulated in the original regulations. Treasurer Lope de Mendaña was accused and convicted but later acquitted with a symbolic fine. Viceroy Francisco de Toledo later confirmed that, although not included in the initial ordinances, the mint was indeed authorized to produce duros (8 reales coins). After the scandal, operations ceased on October 11, 1569, and partially transferred to La Plata.

According to several specialists, including Paoletti, the striking of these exceedingly rare duros from Lima dates between 1568 and 1570. This specimen most likely corresponds to the brief and turbulent initial period, between September 1568 and October 1569. It is a piece of immense rarity, with fewer than ten specimens held in public and private collections, although no exact census has been published. Est...35000,00.

Philip II (1556-1598). 2 escudos. 1592/1. Sevilla. (B). (Cal-845). (Tauler-45a). Au. 6,69 g. Full date in vertical position to the right. Nice color. Rare overdate. AU. Est...2000,00.

Philip II (1556-1598). 2 escudos. 1594. Sevilla. B. (Cal-850). (Tauler-49). Au. 6,75 g. Mint, denomination, and assayer to the left of the shield; date vertically positioned to the right, with the last digit clearly visible. This is an extremely rare piece: it is the third known example of this date that we have been able to document at auction and the second of this denomination. Slabbed by NGC as VF 35, although the date does not appear on the holder.

For reasons still unknown, the production of precious metals at the Seville mint in 1594 was abnormally low. In silver, only 3,799 kg were struck that year—a figure significantly below the output of the immediately preceding and following years: 113,339 kg in 1591, 96,410 kg in 1592, 101,223 kg in 1593, 193,450 kg in 1595, and 98,176 kg in 1596.

Gold coinage also experienced a sharp drop in 1594: merely 754 kg were minted, compared to 4,083 kg in 1591, 2,645 kg in 1592, 2,940 kg in 1593, 8,132 kg in 1595, and 2,476 kg in 1596.

Gold coins from Seville dated 1594 are exceedingly rare. Tauler only lists a single 2 escudos piece sold by Heritage Auctions in June 2007 (Tauler 049) and a 4 escudos example auctioned by Áureo & Calicó in their 2017 Selección sale. Est...2500,00.

Philip II (1556-1598). 4 escudos. 1591. Madrid. C. (Cal-882). (Tauler-4). (Fried-159). Au. 13,57 g. Type "Ingenio de la Tijera". Only 3 known specimens. Very fine style mintage with a lovely color and luster. Of the highest rarity and great interesting for the Spanish numismatic history. Superb specimen. Slabbed by NGC as MS 63. Only 2 other specimens are known; one of them auctioned by Daniel F. Sedwick 33 (03/05/2023), lot 27; and the other by Tauler&Fau 128 (07/06/2023), lot 145.

It would be a delight for any collector and the last opportunity to acquire a wonderful specimen that would be a highlight in any coin collection and we are sure we will not see it offered at auction for many years again.

One of Philip II's many reforms in the 1500s was to move the Spanish Court from its traditional royal seat in Toledo to the city of Madrid, where it remains today. That included creating a new mint in Madrid where none had existed before. Naturally, Philip was eager to start minting coins there, but only if they could be made of superior quality. Perfect, machine-struck coinage was already being struck at the Segovia mint starting in 1586 using what was known as “Real Ingenio" (“royal machine”). In Madrid, however, the king opted for a different minting experiment known as "Ingenio de la Tijera" (“shearing machine”), which had been developed by the royal blacksmith and knifemaker Miguel de la Cerda, on recommendation by the Third Count of Chinchón, Diego Fernández de Cabrera y Bobadilla.

Miguel de la Cerda’s invention consisted of a special method of pouring silver or gold into perfectly round solid cylinders matching the diameter of the coin dies, with each planchet hand-cut from one end with special scissors, so that no further trimming or flattening was needed. This was meant to save time and resources, while producing attractive coins with full and even details, a far cry from what was eventually produced in earnest at the Madrid Mint starting in 1614. The experiment was first tried at the Segovia and Toledo Mints in 1589-91, but since Madrid was the preferred destination, silver and gold were brought from Toledo to Madrid to carry out the experiment there as well in 1591. Since there was no mint, the workshop of the famous but recently deceased sculptor, engraver and medallist for the king, Jacome Trezzo (also known as “Jacometrezo”) was chosen for the striking in Madrid. Ultimately, however, it was not possible to continue to strike the larger-denomination coins due to lower river current to run the water mills. The highest denomination—and rarest—was the 4 escudos, as it seems no 8 escudos were even attempted, although the silver 8 reales (Cal-660) is known, the only extant example of which hammered in March 2021 by Aureo & Calicó for about $21,500.

For the next few years, de la Cerda was secretive about his invention, and little or nothing is recorded until a second experiment at the Seville Mint in 1597. The next year, 1598, de la Cerda died and passed the rights for his invention to his trustee, Dr. Baltasar Vellorino, who asserted that he was the one who had improved de la Cerda’s design to make 4’s and 8’s possible. Vellorino quickly pushed for a new agreement with King Philip II to implement the invention in his own name and receive 50 percent of the profits for twelve years; but the caveat was that invention would be used only at New World mints, starting with Mexico City. One month later, the King died and the crown passed to his son, Philip III.

The equipment was not shipped to Mexico until 1602, well into the reign of Philip III. Vellorino himself left for Mexico in 1603 and the machinery was all in place by the end of 1606, according to an early 1607 document. Back in Spain, a similar experiment by Segovia’s famous tallador Diego de Astor took place in 1610 at the Segovia Mint and in 1611 in Madrid (again at the studios of Jacome Trezzo). The experiment lost favor, however, and it was claimed in court that the new method was slower than promised and would effectively cause raw silver and gold to bypass Spain and go straight to Asia (Philippines, China and Japan) without benefit to mainland Spain. Researcher Jorge Proctor points out that these dates line up more or less with the first appearance of Mexican Royals (galanos), which were perfectly round and match what the new equipment would have produced. Apart from these galanos, there is no evidence this invention was ever fully implemented in the New World.

The “Ingenio de la Tijera” coins from Spain are therefore very important to the evolution of the long numismatic history of Spain and its American colonies.

For reference, two Spanish journal articles summarize and discuss the documentation:

“Dos experimentos acuñadores en Madrid: las pruebas de Miguel de la Cerda y Diego de Astor en las casas de Jacome Trezzo,” by Rosa Romero Molina, in issue 233 (July-December 1993) of NVMISMA (Sociedad Iberoamericana de Estudios Numismáticos)

“El Proyecto de implantación del Ingenio de la Tijera en las cecas de los Reinos de las Indias,” by Pedro Damián Cano Borrego, in issue 9 (2022) of Revista Numismática Hécate. Est...100000,00.

Philip V (1700-1746). 1 escudo. 1740. Madrid. JF. (Cal-1719). Au. 3,37 g. Scratch on obverse. Original luster. Scarce in this grade. XF. Est...1500,00.

Philip V (1700-1746). 8 escudos. 1712. Lima. M. (Cal-2120). (Cal onza-240). (Tauler-240b, Plate coin). Au. 26,71 g.
Variety with date on the reverse legend as “ANO 71”. Very well centered struck with full legends. Lovely color.

This same specimen is referenced by Rafael Tauler Fesser in his excellent catalog Oro Macuquino. Very rare, more in this state of preservation. Ex 1715 Plate Fleet Shipwrecks.

It was slabbed by PCGS as MS 61. Ex Stack's&Bowers and Ponterio, June Baltimore Auction (17/06/2011), lot 7063. This coin is exempt from any export license fee. XF. Est...25000,00.

Ferdinand VI (1746-1759). 8 escudos. 1757. Lima. JM. (Cal-772). (Cal onza-585). Au. 26,97 g. No dot above the assayer’s. Fine hairlines and light contact marks. Original mint luster. Rare. AU. Est...6000,00.

Charles III (1759-1788). 8 escudos. 1778. Mexico. FF. (Cal-2007). (Cal onza-769). Au. 26,98 g. Mintmark and assayer’s are inverted. Weak obverse strike. Minor edge knock. Original luster. XF/AU. Est...3500,00.

Charles IV (1788-1808). 8 escudos. 1806. Mexico. TH. (Cal-1651). (Cal onza-1042). Au. 27,06 g. Nice color. Tiny marks on obverse. Original luster, fully present on reverse. Almost MS/Mint state. Est...5000,00.

Ferdinand VII (1808-1833). 8 escudos. 1809. Santiago. FJ. (Cal-1862). (Cal onza-1343). Au. 27,10 g. Admiral bust. It retains some original luster, particularly on reverse. Weak strike on reverse. Scarce. XF/AU. Est...4000,00.

Ferdinand VII (1808-1833). 8 escudos. 1812. Santiago. FJ. (Cal-1867). (Cal onza-1352). Au. 26,57 g. Striking defect on the border and slightly weak strike on the armor, yet still very attractive. Full original luster. AU/Almost MS. Est...3500,00.

Elizabeth II (1833-1868). 2 escudos. 1865. Madrid. (Cal-645). Ag. 25,88 g. Nicks on edge. Extremely rare. A few specimens known. Choice VF. Est...7000,00.

Elizabeth II (1833-1868). 4 pesos. 1865. Manila. (Cal-859). Au. 6,70 g. Traces of luster. XF/AU. Est...900,00.