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George III oval countermark on Mexico 1773 FM 8-Reales, FM inverted, rare
George III (1760-1820), oval countermark upon Spanish Eight Reales of King Charles III (1759-88), 1773 FM, variety with the mint master initials inverted, struck in Mexico City, Mexico, 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 motto either side PLUS ULTRA, legend surrounding, .HISPAN. ET IND. REX. M. 8R.M.F., the two initials inverted to rest of legend, weight 26.66g (ESC 129; Bull 1852; S.3765A). Countermark good very fine, host coin good fine to almost very fine with some surface marks, a clear variety, very rare host coin variety.
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.
This piece is a little quirky in that the host coin is only the second date for the portrait Eight Reales at Mexico. All of the first date, 1772, have the F.M. initials inverted like this or even depicted as M.F.
The 1773 issue like we have here have the F.M. either inverted or up the right way in relation to the rest of the legend. This is the first time we have had this variety which lists in Krause as number 106.1 rather than the more prolific 106.2.
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.
FAQs
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