George III countermarked Dollar, upon Mexico City 8-Reales 1795 FM

George III (1760-1820),octagonal countermark upon Spanish Eight Reales of King Charles IIII (1788-1808), 1795, Mexico City mint, Spanish King laureate and draped right, date below, legend and toothed border surrounding, CAROLVS.IIII. DEI. GRATIA,rev.crowned quartered shield of arms, pillar with ribbon incuse motto either side PLUS VLTRA, legend surrounding, .HISPAN. ET IND. REX. M. 8R. FM., mint letter with annulet above for Mexico city mint, weight 26.91g (Bull 1852; ESC 129; S.3766). Countermark a little off centre with a little weakness on leading edge, good very fine, otherwise attractively toned, host coin a bold very fine or better, and rare.

These emergency countermarked coins were struck in relation to a crisis with the silver coinage at the end of the 18^th Century where the supply of silver in commerce and for the Mint had dwindled due to the Wars in France after the Revolution in 1797. From March 1797 the Bank of England therefore released stocks of its Spanish dollars each with an oval countermark valued at 4s and 9d for currency. They did not really alleviate the problem of smaller change and were issued on an off with the oval countermark until a more complex larger octagonal mark replaced them from January to May 1804, as the oval pieces were being counterfeited. Eventually the octagonal replacements were also copied widely and the ultimate solution was to have the Soho Mint totally overstrike the Spanish Dollars with the Bank of England design.

The initials F and M at the end of the reverse legend represent the names of the Mint Assayers who were Francisco Arance Cobos and Mariano Rodriguez.