Watch List notes:

Colombia, oval silver uniface medal trial strike (on a round flan), GIBRALTAR DE AMERICA, (ca. 1825), very rare, NGC MS 66, finest and only example in NGC census, ex-Peltzer. Finest-known example of a beautiful but mysterious issue showing an eagle perched on a cannon with GIBRALTAR at top and DE AMERICA at bottom, all within an olive-branch wreath, with distinctive star-and-oval (chain) edge that we have also seen on a similar trial of a round medal with portrait (probably Antonio Baraya, liberator of Popayan in 1811) inside legend HONOR VIRTUTIS PRAEMIUM. Previously we attributed this issue to Panama (a plain-edge example), based on the Renaissance auction description of the current piece (see pedigree), and we have also seen it attributed to Chile (Huntington collection, Morton & Eden auction of April 2007, lot #397); but a previous sale of this same piece (Schulman auction of February 1958, lot #2597, ex-Peltzer collection) describes it as Cartagena (Colombia), "War for Independence. Necessity Peso (1820-5)." Possibly it was struck somewhere else (like Bolivia, per the slab label, or even Europe) for a location in the Americas. The fact is that we do not know for sure what GIBRALTAR DE AMERICA refers to, as over the centuries that nickname has been given to many different places, not just Cartagena (Colombia) and Valdivia (Chile) and Panama, but also Humaita (Paraguay), San Juan de Ulloa (Mexico) and even Quebec (Canada). What we do know for sure is that there can be none finer, as this piece has full details and luster, no marks or wear at all, with lovely incipient toning. Pedigreed to the Santander Collection, also to the Renaissance auction of December 2000 (lot #782) and to the Schulman auction of February 1958 (lot #2597, with photo captioned incorrectly as 2596), and to the Peltzer collection (Glendining, June 1927). NGC #4743168-001. The Santander Collection of Colombian Proclamation Medals

Estimate: $2000-3000