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Item Description
This item is part of a Special Collection
(see end of listing for more information)
1866M 40 céntimos
de escudo
Spain
Queen Isabel II
Madrid mint
obv: Laureate Head Right
rev: Crowned Arms
The 40 céntimos de escudo was issued from 1864 to 1868. It had a value in the range of common purchases while having a lower silver content than the larger silver coins being exported at this time. As such, this was the workhorse silver coin of its day. Most are encountered heavily worn or damaged. Problem free examples above XF are extremely difficult to find.
This particular coin is beautifully lustrous with scattered marks that are perhaps fewer in number and severity than the assigned grade would suggest. An attractive example.
NGC MS61
Pop 3/5 at NGC (five graded higher)
and Pop 0/2 at PCGS (two graded higher)
uncommon in circulated grades,
very rare in uncirculated grades
(based on Rarity estimates in The Coins of Queen Isabel II)
AR 23.8mm 12h Edge: reeded
O’Connor p.151 40CE-1866M
ex Barinaga; ex O’Connor Collection
In the late 1850's and early 1860's an influx of foreign investment combined with Spanish military victories in northern Africa dramatically improved the morale of Spain. Nationalism and prosperity were on the rise.
However, Spain's many revisions of its coinage continually failed to prevent export of its silver coins. Despite reducing the purity and weight in 1848 and again in 1854 the silver 20 reales coins still contained more silver than the 25 gram French 5 francs which were used interchangeably in commerce. Enterprising persons could exchange French 5 franc coins or 100 reales gold coins for an equal face value of Spanish 20 reales silver coins and make a profit simply by moving them from one place to another. All the better if the current gold to silver exchange ratio was favorable. Repeating the process several times was quite lucrative. However, it was devastating to Spain's limited supply of silver and to routine commerce. Average citizens of Spain were left with fewer and fewer coins with which to conduct daily business. Since very little paper money was issued by Spanish banks relative to the supply of coin, what coins remained were used to exhaustion. And despite efforts of Spanish government to ban foreign coins, the coins of France and other countries continued to circulate in Spain.
By 1864 officials from several countries in Europe were meeting to discuss standardization of coinage to facilitate trade and combat the problems of having different gold to silver exchange ratios. The Latin Monetary Union was formed in 1865 among France, Belgium, Italy, and Switzerland. It standardized the exchange ratio of gold to silver and established coin specifications based on the existing French coins. Based on this, the correct weight of a 5 franc or 20 reales coin to make them directly interchangeable would be 25.0g at 0.900 fine yielding 22.5g of pure silver.
A royal decree of 26 June 1864 introduced the escudo as the primary monetary unit of Spain and began the Third Decimal period. This was the perfect opportunity to again revise the specifications of Spain's silver duro to match the specifications of the French 5 franc, thus preventing export of these large silver coins. Sadly, that did not occur. The decree was the first in Spain to specify coin weights in grams rather than "marco". It slightly reduced the weight of the 1 escudo (which replaced the 10 reales) and reduced the purity of smaller silver coins. However, the silver 2 escudos replaced the 20 reales at…exactly the same purity and weight as before. As a result, the 2 escudos and 1 escudo coins continued to be exported.
As the French 5 franc had been a 25.0 gram 0.900 fine coin for decades the Spanish government's repeated failure to match the 20 reales coin to the weight and purity of the 5 franc is puzzling. The Spanish silver duro had been the world standard for so long that one wonders if something as simple as national pride may have continually prevented Spanish ministers from taking the more logical course of action.
After the revolution of 1868 and Isabel's departure for France a provisional government was formed that would soon revise the coinage system again. This new coinage system would establish the peseta as the standard unit of account. Five pesetas was equivalent to 2 escudos and the new 5 peseta coins were finally made equal in weight and purity to the French 5 franc coins.
The coins of the 3rd Decimal period (1864-1868) include:
Bronze: 1/2, 1, 2+1/2, 5 céntimos de escudo
Silver: 10, 20, 40 céntimos de escudo, 1 and 2 escudos
Gold: 2, 4, 10 escudos
This item is part of a Special Collection we are offering:
The author of the book The Coins of Queen Isabel II of Spain is selling their collection (the O’Connor Collection).
This collection of rare and exceptional coins and medals of Queen Isabel II of Spain and the Philippines and other coins and medals featuring real and mythological women will be offered by Aurora Rarities LLC through our ebay store beginning July 2022. This collection will be offered in multiple phases:
• Medals of Queen Isabel II 1833-1868 [ONLINE NOW]
• Other Exceptional Medals featuring Real & Mythological Women [ONLINE NOW]
• Kingdom (Pre-Decimal) Coins of Queen Isabel II 1833-1848 [ONLINE NOW]
• 1st Decimal Coins of Queen Isabel II 1848-1853 [ONLINE NOW]
• 2nd Decimal Coins of Queen Isabel II 1854-1864 [ONLINE NOW]
• 3rd Decimal Coins of Queen Isabel II 1854-1864 [ONLINE NOW]
• Philippine Coins of Queen Isabel II 1861-1868 [ONLINE NOW]
• Coins of Queen Wilhelmina of the Netherlands [ONLINE NOW]
Many of these pieces are of such exceptional rarity and quality as to be once in a lifetime opportunities.
You will receive the exact lot shown in the photos.
Please scroll down to view images of the item.
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Additional details may be found below and in the payment, shipping, and returns sections of this auction.
Guarantee of Authenticity
Numismatics is a wonderful hobby inhabited primarily by knowledgeable and helpful people who enjoy the hobby as much as you and I do. However, in recent years forgers have made the hobby, especially online, something of a minefield. Aurora Rarities LLC takes significant precautions, aided by many years of experience, to assure that our inventory contains only authentic items. Aurora Rarities LLC offers a lifetime guarantee that every item we sell is authentic as described. Should any item that we sold as authentic be deemed not authentic by PCGS or NGC simply submit to us the document from PCGS or NGC which identifies the item in writing as "counterfeit", "forgery", or "not genuine" along with the Aurora Rarities LLC receipt and the item in question. Upon confirmation of these items we will refund 100% of the original purchase price to the original purchaser. For items we sell which are already certified the PCGS or NGC guarantee of authenticity applies and those companies will honor their guarantee directly.
Shipping
This lot can be shipped within the USA. FREE SHIPPING via USPS First Class Package within the USA.
We work hard to ensure your order is well packed and promptly shipped. Once shipped, the USPS shipping method associated with this listing is estimated to take 3 to 5 business days. However, due to ongoing challenges faced by USPS beyond our control, some shipments may take as much as 20 days to arrive. If you have not received your order after 21 days please notify me and I will promptly resolve it.
Buyer’s use of a mail forwarding service is prohibited. All items subject to prior sale. We reserve the right to refuse service or cancel orders for security or other business reasons. Rarity and census report information is as of the date of the original listing and is subject to change without notice.