Watch List notes:

BOLIVIA. Cob 8 Reales, 1726-P. Potosi Mint; Assayer Diego de Ybarbouru (Y). Luis I. PCGS Genuine--Holed, VF Details.
KM-35; Cal-49; Paoletti-367. Weight: 25.84 gms. This SCARCE 8 Reales piece exhibits honest circulation wear and a rather large hole at the 11 o'clock position of the obverse, but retains plenty of satisfying detail. The obverse displays a bold denomination mark and clear date, along with a partially legible mintmark and assayer's initial. Although the reverse was evidently struck twice and its details have been softened from wear, it offers a clear mintmark and date, as well as a partial assayer's initial. While this coin's flan does not include the monarch's name, the date and assayer make certain that the piece was struck in the name of Luis I. A handsome example, sure to inspire collectors' interest due to the scarcity of coins bearing the name of this short-lived ruler.

In 1724, for reasons which are still uncertain, King Philip V abdicated the Spanish throne in favor of his teenage son Luis, relieving himself of his unhappy reign. However, the unfortunate Luis soon succumbed to smallpox only seven months into his inconsequential reign. This left Philip no choice but to resume his rule. In Potosi, however, the assayer Diego de Ybarbouru never switched back to minting coins in the name of Philip. Indeed, he strangely continued to use the name of Luis I until the end of his term as assayer in 1727, years after the death of Luis and return of Philip. It was not until the new assayer Jose Matienzo took over in 1728 that Philip's name reappeared on Potosi coinage after what should only have been a brief interruption. Perhaps Ybarbouru's carelessness can be ascribed to the general haste and crudeness with which he produced coinage, a sign of the Crown's urgent lust for American silver to reach Europe as soon as possible.

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From the Pat Johnson Collection.

Estimate: $400 - $600