Watch List notes:

PHILIPPINES. Philippines - Peru. 2 Reales, ND (ca. 1832). Manila Mint. Ferdinand VII. NGC VF-25; C/S: XF Strong.
KM-42; Basso-55; PNM#6-Not listed; PNM#16-Not listed; PNM#21-XII-1 (plate coin); Cacho-Not listed; Gil-5-4-*(1)-A. Type V Countermark, crowned F.7.0 within circular indent. Countermark applied to the obverse of a 1826-LIMA JM Peru Republic 2 Reales. This great rarity, unknown to many of the early Filipino numismatists, made its first public appearance in late 1980 at the annual PNAS convention auction (11/1980), more than 40 years ago. The fact that no other minor coins bearing legitimate F.7.0 countermarks have surfaced during this time span attests to its immense importance and significance to the countermark series. To our knowledge the present survivor is the only known minor silver coin from this monarch and for all intents and purposes is UNIQUE! The countermark is evenly applied and bold with clear definition of the fine details of the 5-4-*(1) crown variety on a nicely preserved moderately worn host coin. The surfaces are pleasing smooth displaying lovely light gray coloration atop of the devices and exposed fields that transitions to richer patination towards the protected areas and crevasses. Seldom do items of this magnitude from this series appear on the market.

It is interesting to note that the decree for countermarking minor coinage was not issued until 14 December 1835, after the change from the F.7.0 punch to the Y.II. punch for Isabell II. There are several probable explanations as to why the F.7.0 countermark was applied to this host, but nothing concrete. The first scenario being that the person who applied the countermark was not familiar with the specifications of the original decree where minor coinage was exempt from revalidation and applied countermarks to all the coins in front of them. Though if this were the case there would be a higher likelihood of other minors appearing on the market. The second scenario could be that it was done as a keep sake from one of the mint employees and then somehow found its way into circulation, as seen by the post countermark wear. This seems as much of a likelihood as the first scenario, but is not a definitive answer. The third scenario was that it was made as a presentation piece of some nature and given to some unknown official after which it made its way back into circulation. Though this cataloger finds this to be the least likely of all the theories, it is still a distinct possibility. Due to the lack of specific documentation pertaining to why this was done, we are unfortunately left with more questions than answers.

From the Angelita and Benito Legarda Collection.

Ex: PNAS Annual Convention Auction (11/1980) Lot # 21

Plated in "History and Mintage Philippine Counterstamp coins 1828-39" by Quint Jose Ma. Oropilla Y Fortich, M.D. pg. 164 Fig. 10-4d

Estimate: $10000 - $20000