Sovereign Rarities Ltd
Auction 1 25 Sep 2018
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George III (1760-1820), octagonal countermark upon Spanish Four Reales of King Charles III (1759-88), 1780 PR, struck in Potosi, Bolivia, octagonal bust of George III from the maundy Penny die punch right at centre of obverse, bust of Spanish King laureate and draped right, date below with stop either side, legend and toothed border surrounding, CAROLVS.III. DEI. GRATIA., rev. crowned quartered shield of arms, pillar with ribbon incuse motto either side PLUS VLTRA, legend surrounding, .HISPAN. ET IND. REX. PTSI. 4R. P.R., mint letters as a cypher, weight 13.33g (Bull 1891 R4; ESC -; S.3767A). Toned, countermark a little weak at rear from being a glancing blow of the hammer, otherwise good very fine, host coin very fine and extremely rare.
Provenance:
Ex Glendining, 9th December 1992, lot 667.
Ex W. J. Noble Collection of tokens, part I, Noble Numismatics, Auction 58B, 7-8th July 1998, lot 1514.
Ex St James Auction 18, 27th September 2011, lot 276.
These emergency countermarked coins were struck in relation to a crisis with the silver coinage at the end of the 18th Century where the supply of silver in commerce and for the Mint had dwindled due to the wars with France after the Revolution. From March 1797 the Bank of England therefore released stocks of its Spanish dollars each with an oval countermark valued at 4s and 9d for currency. They did not really alleviate the problem of smaller change and were issued on an off with the oval countermark until a more complex larger octagonal mark replaced them from January to May 1804, as the oval pieces were being counterfeited. Eventually the octagonal replacements were also copied widely, and the ultimate solution was to have the Soho Mint totally overstrike the Spanish Dollars with the Bank of England design.
The initials P and R at the end of the reverse legend represent the names of the Mint Assayers who were Pedro de Mazondo and Raimundo de Iturriaga.
Provenance:
Ex Glendining, 9th December 1992, lot 667.
Ex W. J. Noble Collection of tokens, part I, Noble Numismatics, Auction 58B, 7-8th July 1998, lot 1514.
Ex St James Auction 18, 27th September 2011, lot 276.
These emergency countermarked coins were struck in relation to a crisis with the silver coinage at the end of the 18th Century where the supply of silver in commerce and for the Mint had dwindled due to the wars with France after the Revolution. From March 1797 the Bank of England therefore released stocks of its Spanish dollars each with an oval countermark valued at 4s and 9d for currency. They did not really alleviate the problem of smaller change and were issued on an off with the oval countermark until a more complex larger octagonal mark replaced them from January to May 1804, as the oval pieces were being counterfeited. Eventually the octagonal replacements were also copied widely, and the ultimate solution was to have the Soho Mint totally overstrike the Spanish Dollars with the Bank of England design.
The initials P and R at the end of the reverse legend represent the names of the Mint Assayers who were Pedro de Mazondo and Raimundo de Iturriaga.