Heritage World Coin Auctions
CICF Signature Sale 3032 10-12 April 2014
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Puerto Rico
Spanish Colonial copper Pattern 10 Centimos 1890, Barcelona Mint, KM-Pn1, Gould-Higgie 106, SP65 Red Brown PCGS. A truly superb specimen of this rare pattern, with gorgeous surfaces and fully deserving the Gem grade given to it. Avidly sought by collectors as the first coin with the Puerto Rico legend. References about this rare pattern are scant, and a definitive explanation of the presence of the Cuban coat of arms on a Puerto Rican issue has never been put forward. However, the article Riles: A clue to the Economic History of Nineteenth Century Puerto Rico (published by Victor Torres in 1983 and referenced by L. Rodriguez Vazquez in Puerto Rico Coffee and Sugar Cane Plantation tokens) mentioned evidence in the General Archives of Puerto Rico pointing to this being a private issue from a local Spanish wealthy businessman. This private pattern was purportedly struck in Barcelona (hence the 8-pointed stars flanking the date on the obverse, a fact correctly mentioned in 1964 by Ed Roehrs) and shown to the Foreign Minister of Spain to obtain the concession to issue a provincial coinage for Puerto Rico. At the time almost all of the circulating coinage in Puerto Rico was foreign, mostly Mexican or from the United States. The legends on the reverse * DIEZ CENTIMOS * CIEN PIEZAS EN KILOG. mirror the ones of the 1870 copper Spanish issues, which were familiar in Puerto Rico as evidenced by the extant specimens privately countermarked for use in local haciendas. The rising sun motif can also be found in many Puerto Rican tokens of the period, such as the ones of La Honradez de Joy y Mayol, or the Canals de las Marias to name two. The identity of this wealthy Spaniard remains unknown but we must wonder if he had any connections to the Banco de Puerto Rico. Indeed, one of the main obstacles faced by this institution after its authorization in 1888 was the fact that its guaranteeing capital would have to be constituted in local or Spanish coinage, instead of the widely circulating Mexican one: as a result, instead of the authorized 1,500,000 pesos, only 375,000 were finally gathered (see Memoria leída en la Junta general de accionistas del Banco Español de Puerto-Rico el día 24 de febrero de 1890).
Estimate: 5000-7000 USD
Spanish Colonial copper Pattern 10 Centimos 1890, Barcelona Mint, KM-Pn1, Gould-Higgie 106, SP65 Red Brown PCGS. A truly superb specimen of this rare pattern, with gorgeous surfaces and fully deserving the Gem grade given to it. Avidly sought by collectors as the first coin with the Puerto Rico legend. References about this rare pattern are scant, and a definitive explanation of the presence of the Cuban coat of arms on a Puerto Rican issue has never been put forward. However, the article Riles: A clue to the Economic History of Nineteenth Century Puerto Rico (published by Victor Torres in 1983 and referenced by L. Rodriguez Vazquez in Puerto Rico Coffee and Sugar Cane Plantation tokens) mentioned evidence in the General Archives of Puerto Rico pointing to this being a private issue from a local Spanish wealthy businessman. This private pattern was purportedly struck in Barcelona (hence the 8-pointed stars flanking the date on the obverse, a fact correctly mentioned in 1964 by Ed Roehrs) and shown to the Foreign Minister of Spain to obtain the concession to issue a provincial coinage for Puerto Rico. At the time almost all of the circulating coinage in Puerto Rico was foreign, mostly Mexican or from the United States. The legends on the reverse * DIEZ CENTIMOS * CIEN PIEZAS EN KILOG. mirror the ones of the 1870 copper Spanish issues, which were familiar in Puerto Rico as evidenced by the extant specimens privately countermarked for use in local haciendas. The rising sun motif can also be found in many Puerto Rican tokens of the period, such as the ones of La Honradez de Joy y Mayol, or the Canals de las Marias to name two. The identity of this wealthy Spaniard remains unknown but we must wonder if he had any connections to the Banco de Puerto Rico. Indeed, one of the main obstacles faced by this institution after its authorization in 1888 was the fact that its guaranteeing capital would have to be constituted in local or Spanish coinage, instead of the widely circulating Mexican one: as a result, instead of the authorized 1,500,000 pesos, only 375,000 were finally gathered (see Memoria leída en la Junta general de accionistas del Banco Español de Puerto-Rico el día 24 de febrero de 1890).
Estimate: 5000-7000 USD