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Lot description

Charles III (1759-1788). 8 reales. 1775. Madrid. PJ. (Cal-1065). Ag. Only one other specimen has been recorded at auction in the past 20 years, and without doubt this is the best preserved example. It displays a soft cabinet tone with underlying original luster, greatly enhancing its visual appeal. Extremely rare.

Slabbed by NGC as AU 58 (Top Pop), the finest example listed in the combined NGC and PCGS census.

Ex Plus Ultra Collection, Soler & Llach (27/10/2021), lot 2084.

Official records from the Madrid mint indicate that, following the Mint Ordinances of 1730, the production of 8 Reales was minimal due to the large influx of silver coinage —initially pillar types and later portrait issues— arriving from the Americas. As a result, the mint’s efforts focused primarily on fractional denominations intended for everyday circulation.

With the monetary reform of Charles III in 1772 and the decree ordering the withdrawal of the older coinage, the Madrid mint carried out an extraordinary coinage in 1773 and 1774, mainly in 8 Reales, likely intended to replace the recalled coins with the new type. However, the partial failure of the withdrawal—as people tended to keep the older, higher-fineness coins—together with the subsequent shortage of silver explains the sharp decline in 8 Reales production during the following years.

Within this context, the 1775 issue appears in the mint’s records in much smaller quantities than those of preceding years. After that date, the 8 Reales denomination was only struck again in 1778, 1782, and 1788, while the production of 4 Reales coins increased notably due to the limited inflow of silver.

The extreme rarity of the 1775 issue is confirmed by its exceptional scarcity in the numismatic market and its absence from the most important collections of 8 Reales or Charles III coinage ever auctioned. All evidence suggests it was a residual coinage, preceding the sporadic resumption of 1778. For its rarity, the 1775 8 Reales may be considered comparable to the 1777 and 1778 issues, which are traditionally regarded among the rarest Madrid mint coins —and indeed among the rarest of the entire reign. Est...4000,00.

Starting bid

1.500 €

Current bid

2.100 €

Bid history ( bids)

Lot 211 | Spanish Monarchy

Historical Background

Lot description