Heritage World Coin Auctions
NYINC Signature Sale 3037 Sess. 1 4 January 2015
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Guatemala
Republic Peso 1878-D AU53 NGC, Guatemala mint, KM200. A premium coin for the designation, with scant highpoint friction evidence, only limited handling marks well within the confines of the assigned grade and considerable luster remaining in the surfaces. The variations in design between the 1872-1873 Pesos and the subsequent 1878-1879 issue (such as the present example) from Guatemala might seem unimportant to the casual observer. They are not, but a recalling of the corresponding and little known legislation is necessary to fully explain them. While the laws of June 9, 1869 (for the gold coins and the silver coins of 1 Peso, 50 centavos and 25 Centavos) and September 21, 1870 (for the smaller silver denominations of 5 and 10 centavos) stated that Guatemala would embrace the French Decimal standard (with the silver peso weighing 25 grams of 0.900 fineness silver), the ensuing chaos from the existence in circulation of large amounts of silver coins of the previous Spanish standard meant that the country was not yet ready to complete the transition to the new standard. Thus, the decree of December 9, 1871 slightly raised the weight of the silver coins - with the peso weighing 25.4 rather than 25 grams and the smaller denominations in proportion - in an effort to facilitate everyday transactions. As a result, the series of pesos struck in 1872 and 1873 in Guatemala (KM197.1 and 197.2) weigh 25.4 grams, although this is not indicated in the KM reference. These 1872-1873 issues showed a well-executed rendition of the seated liberty by J. B. Frener on the obverse and the date on the lower part of the reverse. Unsurprisingly, Gresham's law acted and South American crowns struck to the French standard of 25 grams (mainly Peruvian soles and Chilean Condor Pesos) displaced these first Seated Liberty Guatemalan issues, which were not struck after the aforementioned year of 1873. In order to strike silver pesos again, the Guatemalan authorities needed reverting to the 25 grams standard, which was finally instructed by decree of November 10, 1878. This posed a small technical problem: on one hand, it was necessary to distinguish these new issues of the 25 grams standard from the previous ones of 1872-1873 of the 25.4 grams standard while on the other hand economic considerations precluded the possibility of engraving entirely new dies. It was thus decided to simply change the position of the date to the upper part of the reverse. A great rarity in the Guatemalan pesos series was created in the process, since only 1,076 pieces of the 1878-D Peso (of the new design with the date on top) were minted, all struck in December 1878. One of the key dates in the entire Republican series, with only three or four confirmed specimens by the cataloger, this being among the two finest known. A rare opportunity bound to attract sustained bidding competition.From The Santa Maria Collection
Estimate: 4000-6000 USD
Republic Peso 1878-D AU53 NGC, Guatemala mint, KM200. A premium coin for the designation, with scant highpoint friction evidence, only limited handling marks well within the confines of the assigned grade and considerable luster remaining in the surfaces. The variations in design between the 1872-1873 Pesos and the subsequent 1878-1879 issue (such as the present example) from Guatemala might seem unimportant to the casual observer. They are not, but a recalling of the corresponding and little known legislation is necessary to fully explain them. While the laws of June 9, 1869 (for the gold coins and the silver coins of 1 Peso, 50 centavos and 25 Centavos) and September 21, 1870 (for the smaller silver denominations of 5 and 10 centavos) stated that Guatemala would embrace the French Decimal standard (with the silver peso weighing 25 grams of 0.900 fineness silver), the ensuing chaos from the existence in circulation of large amounts of silver coins of the previous Spanish standard meant that the country was not yet ready to complete the transition to the new standard. Thus, the decree of December 9, 1871 slightly raised the weight of the silver coins - with the peso weighing 25.4 rather than 25 grams and the smaller denominations in proportion - in an effort to facilitate everyday transactions. As a result, the series of pesos struck in 1872 and 1873 in Guatemala (KM197.1 and 197.2) weigh 25.4 grams, although this is not indicated in the KM reference. These 1872-1873 issues showed a well-executed rendition of the seated liberty by J. B. Frener on the obverse and the date on the lower part of the reverse. Unsurprisingly, Gresham's law acted and South American crowns struck to the French standard of 25 grams (mainly Peruvian soles and Chilean Condor Pesos) displaced these first Seated Liberty Guatemalan issues, which were not struck after the aforementioned year of 1873. In order to strike silver pesos again, the Guatemalan authorities needed reverting to the 25 grams standard, which was finally instructed by decree of November 10, 1878. This posed a small technical problem: on one hand, it was necessary to distinguish these new issues of the 25 grams standard from the previous ones of 1872-1873 of the 25.4 grams standard while on the other hand economic considerations precluded the possibility of engraving entirely new dies. It was thus decided to simply change the position of the date to the upper part of the reverse. A great rarity in the Guatemalan pesos series was created in the process, since only 1,076 pieces of the 1878-D Peso (of the new design with the date on top) were minted, all struck in December 1878. One of the key dates in the entire Republican series, with only three or four confirmed specimens by the cataloger, this being among the two finest known. A rare opportunity bound to attract sustained bidding competition.From The Santa Maria Collection
Estimate: 4000-6000 USD