Lot description

Philip IV (1621-1665). 4 reales. 1659. Lima. V. (Cal-1013). Ag. 13,46 g. “Star of Lima” type. Mintmark ★ above LIMA, V to left and 4 not visible to right. An exceedingly rare example of what is regarded as the first variety of this unauthorized issue, struck for only two years. Well-centered pillars with the clear assayer’s initial V to the left, showing a slight central weakness more pronounced toward the right side of the obverse.

The reverse displays particularly sharp castles and lions with a fully formed cross of notable presence. An excellent opportunity to acquire an attractive specimen of an exceptionally difficult type that seldom appears at auction.

Slabbed by PCGS as Genuine, Environmental damage - VF Details.

Ex Pat Johnson Collection.
Ex Kagin’s ANA sale, August 1983, with the original auction tag preserved.

This rare issue is a direct result of the Great Potosí Mint Fraud of 1649. World trade was shaken to its core after the discovery of a vast conspiracy at the Potosí mint, which for years had been issuing countless underweight and debased silver Reales. With Spain’s commercial reputation at stake, the Crown imposed severe punishments on the guilty and initiated a series of reforms.

These reforms had the unintended consequence of encouraging the public to hoard the newer, finer issues, creating a widespread shortage of good coinage in circulation. In response, Luis Enríquez de Guzmán, Viceroy of Peru, took the initiative of reopening the Lima mint in 1658.

This decision, made unilaterally by Guzmán without the Crown’s permission, ended the 66-year inactivity of the Lima mint, which had been closed since 1592 in favor of Potosí due to the difficult journey between Lima and the Cerro Rico mines. As soon as the king was informed of the illegal reopening, he ordered the mint to close once again, just 16 months after its reopening.

During this brief period, the mint produced a singular series of issues featuring prominently the star symbol of Lima, the so-called “City of Kings.” The surviving examples of this extraordinary issue are of great rarity and numismatic importance. Est...3000,00.

Starting bid

1.000 €

Current bid

2.700 €

Bid history ( bids)

Lot 108 | Spanish Monarchy

Historical Background

Lot description