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.