Heritage World Coin Auctions
CICF Signature Sale 3040 9-10 April 2015
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Costa Rica
Republic countermarked 4 Reales (1848) XF45 NGC, San Jose mint, KM-unl. (for host coin). Type IV bifacial countermark over a Bolivia 4 Soles 1830 PTS-J. Host coin Choice Very Fine, countermark Extremely Fine and well defined. Authorized by decrees of October 15, 1846 and January 27, 1847. Due to the sustained rejection of cob coins by the public – most of which were of low quality, the Government gave instructions for the countermarking of acceptable-quality ones to legalize them. Two main circular dies were prepared for the operation, both sized 11mm thus the size of a ½ Escudo coin: they bear the usual Ceiba Tree design with the value "1. R." or "2. R." flanking it and the circular legend "HABILITADA EN COSTA RICA JB (for assayer Juan Barth)". The "1. R." dies were used to countermark the 1 and 4 Reales cobs, while the "2. R." dies were used on the 2 and 8 Reales cobs. The other side of the countermark was applied using the obverse (dated) die of the CAR 1/2 Escudo. In addition, an additional smaller stamp with the value of "4" or "8" was applied on the coins of 4 and 8 Reales respectively. Most of the known counterstamp dies on cob coins bear the date 1846 with a few ones showing the 1848 and 1849 dates (note we are referring to the date on the ½ Escudo obverse die used for the countermark). This indicates that the bulk of the countermark operation on cobs was made in late 1846 – early 1847 with comparatively few coins thus stamped in 1848 and 1849. This is logical since the aforementioned decree of October 15, 1846 also indicated that the circulation of non-countermarked cob coins would be prohibited after November 1st of that year thus prompting the owners of said coins to present them for legalization. A little known edict of January 29, 1847 widened the scope of the countermarking operation, instructing to perform it on any coin of acceptable fineness and weight that were unknown to the public and thus also rejected. Since the cob coins were already being regulated (by the same countermarking operation) and the Spanish Colonial ones were universally known and readily accepted without any need to be countermarked, the coins targeted by the aforementioned 1847 edict were circular milled foreign coins that were uncommon at the time in Costa Rica. As a consequence of the Gresham Law, most of these targeted coins were also probably of lower intrinsic value compared to the milled Spanish Colonial issue (which was ca. 078 ASW for a typical Charles IIII or Ferdinand VII 8 Reales). This assumption is confirmed by the few known round coins with the bifacial countermark: specimens noted by the author include French Decimal 5 Francs (ca. 0.72 ASW, one such specimen – the ex-Gibbs coin – listed in Gurdian), US half dollars (of full weight/fineness but little known at the time in Costa Rica- the SCWC plates examples dated 1809, 1837 and 1846 and the J. J. Ford collection included a specimen dated 1838), a Guatemala 1808 proclamation medal (the SCWC plate coin, again clearly an oddity in Costa Rica ca. 1847), and Bolivian debased 4 Soles, such as the present piece (ASW of only 0.579 for two of these coins). Unsurprisingly, all of these round countermarked issues are very rare since they were scarce to begin with (thus little known or unfamiliar to the public): in particular the cataloguer has only noted 5 known examples of the Bolivian 4 Soles with the countermark (including the present piece and the ex-Gibbs specimen – Hans Schulman 3/1966, lot 539). A comment on the dates of the countermarks on these circular coins is due: all known specimens have countermarks dated either 1848 or 1849, which is also logical since the authorization edict was published on January 1847, as noted previously. Thus the SCWC assigned date of 1846 to these issues – in particular to the three plated US 50 Cents - is mistaken. The countermarking operation must have been halted before July 18, 1849 since a decree issued on that date forbade altogether the circulation of cob coins, a fact in accordance with the known dates of the countermarks. An extremely rare type, with 6 or fewer confirmed specimens as noted previously, of which this is one of the finer. We expect serious bidding activity on this charming piece.
Estimate: 5000-7000 USD
Republic countermarked 4 Reales (1848) XF45 NGC, San Jose mint, KM-unl. (for host coin). Type IV bifacial countermark over a Bolivia 4 Soles 1830 PTS-J. Host coin Choice Very Fine, countermark Extremely Fine and well defined. Authorized by decrees of October 15, 1846 and January 27, 1847. Due to the sustained rejection of cob coins by the public – most of which were of low quality, the Government gave instructions for the countermarking of acceptable-quality ones to legalize them. Two main circular dies were prepared for the operation, both sized 11mm thus the size of a ½ Escudo coin: they bear the usual Ceiba Tree design with the value "1. R." or "2. R." flanking it and the circular legend "HABILITADA EN COSTA RICA JB (for assayer Juan Barth)". The "1. R." dies were used to countermark the 1 and 4 Reales cobs, while the "2. R." dies were used on the 2 and 8 Reales cobs. The other side of the countermark was applied using the obverse (dated) die of the CAR 1/2 Escudo. In addition, an additional smaller stamp with the value of "4" or "8" was applied on the coins of 4 and 8 Reales respectively. Most of the known counterstamp dies on cob coins bear the date 1846 with a few ones showing the 1848 and 1849 dates (note we are referring to the date on the ½ Escudo obverse die used for the countermark). This indicates that the bulk of the countermark operation on cobs was made in late 1846 – early 1847 with comparatively few coins thus stamped in 1848 and 1849. This is logical since the aforementioned decree of October 15, 1846 also indicated that the circulation of non-countermarked cob coins would be prohibited after November 1st of that year thus prompting the owners of said coins to present them for legalization. A little known edict of January 29, 1847 widened the scope of the countermarking operation, instructing to perform it on any coin of acceptable fineness and weight that were unknown to the public and thus also rejected. Since the cob coins were already being regulated (by the same countermarking operation) and the Spanish Colonial ones were universally known and readily accepted without any need to be countermarked, the coins targeted by the aforementioned 1847 edict were circular milled foreign coins that were uncommon at the time in Costa Rica. As a consequence of the Gresham Law, most of these targeted coins were also probably of lower intrinsic value compared to the milled Spanish Colonial issue (which was ca. 078 ASW for a typical Charles IIII or Ferdinand VII 8 Reales). This assumption is confirmed by the few known round coins with the bifacial countermark: specimens noted by the author include French Decimal 5 Francs (ca. 0.72 ASW, one such specimen – the ex-Gibbs coin – listed in Gurdian), US half dollars (of full weight/fineness but little known at the time in Costa Rica- the SCWC plates examples dated 1809, 1837 and 1846 and the J. J. Ford collection included a specimen dated 1838), a Guatemala 1808 proclamation medal (the SCWC plate coin, again clearly an oddity in Costa Rica ca. 1847), and Bolivian debased 4 Soles, such as the present piece (ASW of only 0.579 for two of these coins). Unsurprisingly, all of these round countermarked issues are very rare since they were scarce to begin with (thus little known or unfamiliar to the public): in particular the cataloguer has only noted 5 known examples of the Bolivian 4 Soles with the countermark (including the present piece and the ex-Gibbs specimen – Hans Schulman 3/1966, lot 539). A comment on the dates of the countermarks on these circular coins is due: all known specimens have countermarks dated either 1848 or 1849, which is also logical since the authorization edict was published on January 1847, as noted previously. Thus the SCWC assigned date of 1846 to these issues – in particular to the three plated US 50 Cents - is mistaken. The countermarking operation must have been halted before July 18, 1849 since a decree issued on that date forbade altogether the circulation of cob coins, a fact in accordance with the known dates of the countermarks. An extremely rare type, with 6 or fewer confirmed specimens as noted previously, of which this is one of the finer. We expect serious bidding activity on this charming piece.
Estimate: 5000-7000 USD