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Very Rare First Year "Rat Nose" 1762 Carlos III Escudo, ex Eric Newman

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Very Rare First Year "Rat Nose" 1762 Carlos III Escudo, ex Eric Newman

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Details

Mexico. 1762-MM 1 escudo. Mexico City mint. VF-35 (NGC). Attractive light to medium yellow gold with scattered marks and hairlines from circulation and a few bits of encrustation within peripheral legends. A very attractive example of this smallest Mexican gold denomination of its era, depicting the famed "Caro de Rata" or "Rat Nose" bust of the none-too-attractive Carlos III. The gold coins of Mexico City from the 18th century, as a rule, are far rarer than those from most other Spanish colonial mints; the wealth of Mexico was in silver, not gold. Despite their rarity, the gold coins of colonial Mexico are not as avidly pursued as the more common silver pieces. Among the gold coins, attention tends to focus on the large 8 escudos, though minor gold denominations like this escudo saw far lower mintages and offer a far greater challenge, particularly in nice grade.

The 1762 issue was the first year of the Rat Nose portrait type. The escudo denomination was equal to two 8 reales (or "Spanish milled dollars") or a half pistole, the "pistole" being common parlance for the often-seen 2 escudos denomination. In the Federal era, most guides listed the value of a half pistole somewhere in the $1.85 to $1.95 range.

The immense Eliasberg collection of Mexican gold coins lacked this first date in the brief Rat Nose series. Eliasberg's grouping was assembled by John H. Clapp, the globetrotting leading collector of Spanish colonial gold coins in the first decades of the 20th century; despite his position at the forefront of the specialty and his access to the best collections in Latin America, he found just two examples of this entire type (1762-1771), those dated 1763 and 1765. Pablo Gerber's notable collection, the Miguel Munoz collection, and the Caballero de las Yndias sale also lacked this first date of the type, while the Norweb Collection (sold by Christie's Dallas in 1985) included a specimen in nearly identical grade to this one. The 1975 ANA Sale, which featured a remarkable run of Mexican gold, included just one date of this type, a 1763 in similar grade that brought $1000 at the time, almost 40 years ago. The 1763 issue seems more common than this 1762 emission; Eliasberg, Gerber, Munoz and Norweb all owned 1763s, though only Norweb had a 1762. Considering the rarity of this issue, it seems unusual that they should bring about the same as the most common 8 escudos in typical grade. Needless to say, the august provenance of this piece only adds to its desirability.

Additional Information

Grading Service NGC
Grade VF35
Designation No
Mint Location No
Strike Type No
Circulated/Uncirc Circulated
Grade Add On N/A
SKU or Cert # 2039313012

Listed below are blog articles related to this product listing, if applicable:

Description

Details

Mexico. 1762-MM 1 escudo. Mexico City mint. VF-35 (NGC). Attractive light to medium yellow gold with scattered marks and hairlines from circulation and a few bits of encrustation within peripheral legends. A very attractive example of this smallest Mexican gold denomination of its era, depicting the famed "Caro de Rata" or "Rat Nose" bust of the none-too-attractive Carlos III. The gold coins of Mexico City from the 18th century, as a rule, are far rarer than those from most other Spanish colonial mints; the wealth of Mexico was in silver, not gold. Despite their rarity, the gold coins of colonial Mexico are not as avidly pursued as the more common silver pieces. Among the gold coins, attention tends to focus on the large 8 escudos, though minor gold denominations like this escudo saw far lower mintages and offer a far greater challenge, particularly in nice grade.

The 1762 issue was the first year of the Rat Nose portrait type. The escudo denomination was equal to two 8 reales (or "Spanish milled dollars") or a half pistole, the "pistole" being common parlance for the often-seen 2 escudos denomination. In the Federal era, most guides listed the value of a half pistole somewhere in the $1.85 to $1.95 range.

The immense Eliasberg collection of Mexican gold coins lacked this first date in the brief Rat Nose series. Eliasberg's grouping was assembled by John H. Clapp, the globetrotting leading collector of Spanish colonial gold coins in the first decades of the 20th century; despite his position at the forefront of the specialty and his access to the best collections in Latin America, he found just two examples of this entire type (1762-1771), those dated 1763 and 1765. Pablo Gerber's notable collection, the Miguel Munoz collection, and the Caballero de las Yndias sale also lacked this first date of the type, while the Norweb Collection (sold by Christie's Dallas in 1985) included a specimen in nearly identical grade to this one. The 1975 ANA Sale, which featured a remarkable run of Mexican gold, included just one date of this type, a 1763 in similar grade that brought $1000 at the time, almost 40 years ago. The 1763 issue seems more common than this 1762 emission; Eliasberg, Gerber, Munoz and Norweb all owned 1763s, though only Norweb had a 1762. Considering the rarity of this issue, it seems unusual that they should bring about the same as the most common 8 escudos in typical grade. Needless to say, the august provenance of this piece only adds to its desirability.

Additional

Additional Information

Grading Service NGC
Grade VF35
Designation No
Mint Location No
Strike Type No
Circulated/Uncirc Circulated
Grade Add On N/A
SKU or Cert # 2039313012

Related Blog Article(s)

Listed below are blog articles related to this product listing, if applicable:

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