Heritage World Coin Auctions
NYINC Signature Sale 3037 Sess. 1 4 January 2015
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Chile
Republic overstruck gold 8 Escudos 1836 So-IJ AU58 NGC, Santiago mint, KM93, Onza-1632 ("One known"). A lustrous and well-struck coin, Borderline Mint State with the faces of the huemul (not a llama!) and the condor essentially full on the obverse and most of the finger details of then hand on the reverse still apparent. Clearly overstruck on a earlier KM84 8 Escudos (1826 or 1830, as is explained following), with significant details of the undertype visible to the naked eye, including the "RAZON" word under "REPUBLICA" on the obverse. These rarely encountered overstrikes do not represent random occurrences but are instead the result of an official operation and its corresponding decree, dated March 1836. In early 1836, counterfeit 8 Escudos of the earlier type dated 1826 and 1830 appeared in the Chilean market. As a result, it was decided to recall all possible specimens of those two dates, with the counterfeit ones being melted and the genuine ones overstruck with the dies of the regular 1836 issue (which bore a new design introduced in 1835). The operation was authorized by the aforementioned decree of March 1836 and mint records for that year indicate that 2,400 pesos worth of genuine coins of 8 Escudos – thus 150 coins - were overstruck. The above is confirmed by the few observed specimens on which the date of the undercoin is apparent, which is invariably one of the two aforementioned dates (1826 or 1830). Naturally, the scant number of overstruck coins fully explains the genuine elusiveness of the issue (although it is obviously overstated in the Onza reference), with perhaps twenty currently confirmed specimens. Few of those remain in the engaging quality of the present example, which is very desirable as such. It should indeed be collected as a legitimate subtype - eminently collectible in its own right since authorized by an official decree – as opposed to a curiosity - however rare - of the issue.From The Empire Collection
Estimate: 2500-3000 USD
Republic overstruck gold 8 Escudos 1836 So-IJ AU58 NGC, Santiago mint, KM93, Onza-1632 ("One known"). A lustrous and well-struck coin, Borderline Mint State with the faces of the huemul (not a llama!) and the condor essentially full on the obverse and most of the finger details of then hand on the reverse still apparent. Clearly overstruck on a earlier KM84 8 Escudos (1826 or 1830, as is explained following), with significant details of the undertype visible to the naked eye, including the "RAZON" word under "REPUBLICA" on the obverse. These rarely encountered overstrikes do not represent random occurrences but are instead the result of an official operation and its corresponding decree, dated March 1836. In early 1836, counterfeit 8 Escudos of the earlier type dated 1826 and 1830 appeared in the Chilean market. As a result, it was decided to recall all possible specimens of those two dates, with the counterfeit ones being melted and the genuine ones overstruck with the dies of the regular 1836 issue (which bore a new design introduced in 1835). The operation was authorized by the aforementioned decree of March 1836 and mint records for that year indicate that 2,400 pesos worth of genuine coins of 8 Escudos – thus 150 coins - were overstruck. The above is confirmed by the few observed specimens on which the date of the undercoin is apparent, which is invariably one of the two aforementioned dates (1826 or 1830). Naturally, the scant number of overstruck coins fully explains the genuine elusiveness of the issue (although it is obviously overstated in the Onza reference), with perhaps twenty currently confirmed specimens. Few of those remain in the engaging quality of the present example, which is very desirable as such. It should indeed be collected as a legitimate subtype - eminently collectible in its own right since authorized by an official decree – as opposed to a curiosity - however rare - of the issue.From The Empire Collection
Estimate: 2500-3000 USD