George III oval countermark on Bolivia 1791 PR Potosi 8-Reales

George III (1760-1820), oval countermark upon Spanish Eight Reales of King Charles IIII (1788-1808), 1791 PR, struck in Potosi, Bolivia, small oval hallmark of George III right at centre of obverse, bust of 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. PTSI. 8R. P.R., mint letters as a cypher, weight 27.04g (Bull 1855; ESC 131; S.3765A). Attractively toned, a few light nicks and surface marks, a little ghosting at upper right of obverse, countermark almost extremely fine, host coin good very fine, a very nice example from this mint host.

These emergency countermarked coins were struck in relation to a crisis with the silver coinage at the end of the 18th 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 P and R at the end of the reverse legend represent the names of the Mint Assayers who were Pedro de Mazondo and Raimundo de Iturriaga.