Watch List notes:

Medellin, Colombia, 20 centavos, 1886, fineness 0.500, large space between 5 and 500, encapsulated NGC AU 58, with WINGS silver sticker, finest known in NGC census, ex-Alvaro Gonzalez (stated inside slab). Struck during the reorientation period when the silver coinage was being debased from 83.5% fineness to a lowly 50%, this interesting transitional type was produced in very tiny quantities. Like the 10 centavos of the same mint and date in this auction (lot #1326), it is often decades between appearances within the USA and European markets. And of the few pieces that have appeared, we could trace none superior to the 20c-10c duet in this auction. Ironically the only other nice example to appear in the past quarter century, graded XF, was resold in Europe in 2014 for about $3800. The fact that that result is less than Restrepo's estimate of $5000 for an XF is likely because many or most collectors did not know of that sale while it was active. There was no example in Whittier nor Lissner, and the Dana Roberts piece was very inferior. Knowledgeable Bogota dealer Antonio Pedraza once famously held up the five fingers of his hand when a collector enquired of him how many of the type were known. In any case this is a special opportunity to obtain what may be the second scarcest silver type-coin of Colombia's coinages of 1863-1956 and potentially the finest one extant (this being the only one graded by NGC so far). Acquired from Alvaro Gonzalez, ca. 1973-1975.

Estimate: $3000 - 4500