Watch List notes:

JOSEPH NAPOLEON (1808-1813). 20 Reales. (Ar. 27.12g/39mm). 1810. Madrid IA. (Cal-2019-38). big eagle Encapsulated by MS63. Spectacular specimen, rare thus preserving its original brightness. To get an idea of the quality and rarity, as of September 1, 2022 in NGC this coin is the best graded of the only 3 reported coins. The French invasion did not mean a radical change in the Spanish monetary system, although it was subject to certain adjustments or modifications. From the same 1808 José I minted coins both in Madrid and Sevilla so, from the beginning, we found ourselves with two different issuing authorities that, as it could not be otherwise, did not validate the minting of the rival side. The main novelty is found in the unit of account. Javier de Santiago in his work Antecedents of the Monetary System of the Peseta explains it as follows: "Compared to what was common in previous centuries of maintaining the units of account of the three metals, the shield for gold, the real for silver and the real de vellón or the maravedí for copper, José I imposed the French custom of a single unit of account for gold and silver pieces, thus facilitating their handling and the establishment of equivalences". The chosen unit of account in Spain was the real de vellón. Another monetary fact to highlight are the mintings that we know as Napoleonic Catalonia in Barcelona from 1808 and that were a consequence of the isolation of the city after the Fernandina military offensive in the spring and summer of that year and the need to count with currency to prevent the collapse of business transactions. Pieces in the three metals were beaten and the French unit of account model was applied, but with the particularity of choosing a Hispanic term to define them and one with strong roots in Catalonia: they are the first Pesetas in our history.