Heritage World Coin Auctions
CICF Signature Sale 3032 10-12 April 2014
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Bolivia
Republic silver Pattern Boliviano 1868 P-CT, La Paz mint, KM-Pn25, SP58 PCGS. Hairlines in the fields explain the conservative grading assigned to this coin, which nevertheless remains flashy and attractive. Clemente Torretti (this is the correct spelling) was an Italian who initially agreed to a potentially very profitable contract with dictator Mariano Melgarejo, signed on February 1867. This contract authorized him to issue up to 50,000 marks of silver in debased coins of 0.500 fineness in denominations of 2, 1 and 1/2 Real, which would be in turn declared as legal tender. The coins would be minted at the then abandoned La Paz mint, which would be renovated and given a steam press of 40hp at Torretti's expense. As further compensation for his profits, Torretti would give 8% of said profits to the Bolivian government, who would also take possession of the new equipment once the minting operation had been completed. Due to strong protests by both the Peruvian government and local Bolivian merchants, the contract was rescinded while the equipment and press were on their way to La Paz, and this equipment was instead acquired by the Bolivian government for 200,000 pesos (or Bolivianos). The fascinating series of patterns dated 1868, with Torretti's initials CT flanking a charming depiction on the Andean condor, and the legend MONEDA EMITIDA EN LA PAZ are testimony of this failed project. While examples of the copper 1 Boliviano are encountered from time to time, the silver pieces such as the present coin are much rarer.
Estimate: 2000-2500 USD
Republic silver Pattern Boliviano 1868 P-CT, La Paz mint, KM-Pn25, SP58 PCGS. Hairlines in the fields explain the conservative grading assigned to this coin, which nevertheless remains flashy and attractive. Clemente Torretti (this is the correct spelling) was an Italian who initially agreed to a potentially very profitable contract with dictator Mariano Melgarejo, signed on February 1867. This contract authorized him to issue up to 50,000 marks of silver in debased coins of 0.500 fineness in denominations of 2, 1 and 1/2 Real, which would be in turn declared as legal tender. The coins would be minted at the then abandoned La Paz mint, which would be renovated and given a steam press of 40hp at Torretti's expense. As further compensation for his profits, Torretti would give 8% of said profits to the Bolivian government, who would also take possession of the new equipment once the minting operation had been completed. Due to strong protests by both the Peruvian government and local Bolivian merchants, the contract was rescinded while the equipment and press were on their way to La Paz, and this equipment was instead acquired by the Bolivian government for 200,000 pesos (or Bolivianos). The fascinating series of patterns dated 1868, with Torretti's initials CT flanking a charming depiction on the Andean condor, and the legend MONEDA EMITIDA EN LA PAZ are testimony of this failed project. While examples of the copper 1 Boliviano are encountered from time to time, the silver pieces such as the present coin are much rarer.
Estimate: 2000-2500 USD