On 27 August 1834, a decree was issued stating that pierced coins were no long acceptable legal tender. This did not sit well with the local populace and nearly caused an uprising. Due to the disgruntled locals, the government at Manila issued the 4 September 1834 decree where holed coins with countermarks over both sides would again become legal tender. When the 4 September decree was issued it was specific in that the countermarks were to be applied over both sides of the perforations. Clearly this was not always the case and occasionally examples can be found where the countermark was only applied over only one side of the perforation. In accordance with the original decree of 2 October 1832 the countermarks were to be applied to the obverse as is the case with the present example. It is interesting to note that the Y.II. over the perforation is shared with the reverse stamp of the 1813-LIMA JP Peru Bust 8 Reales of Ferdinand VII also in this sale. We have recorded only 4 examples with the countermark applied over only one side of the hole with a previous Philippines countermark and of the known examples, three are F.7.0 countermarks and one is a Y.II. countermark.
From the Kyle Ponterio Collection.
Estimate: $3500.00- $5000.00