1. Collecting Latin American Coinage
that were Legal Tender in the USA
until 1857 – Part Two
By Arno Safran

2. King Ferdinand VII
During the Napoleonic era, King Ferdinand VII of Spain went into exile while Joseph Napoleon Bonaparte, the General’s brother ruled Spain. After Spain was retaken by the European armies opposed to Napoleon, a bitter King Ferdinand returned and ruled ruthlessly against those Spaniards he believed supported Bonaparte. By 1810, some of the Latin American colonies, particularly Mexico, were already demanding independence from Spain.

3. Hidalgo is regarded as the Father of the Mexican War of Independence but from whom?
Miguel Hidalgo y Costilla ( ) was a father as a Priest who also fathered two daughters out of wedlock and later came to be known as the father of his country. With the help of Captain Ignacio Allende, he built up a peasant army of over 100,000 and won several victories over Loyalist Spanish forces before finally being betrayed, captured, and executed. Ironically, he initially intended to get rid of the Spanish forces in Mexico loyal to Napoleon Bonaparte and not the deposed Spanish King Ferdinand VII.

4. The war of Independence between Mexico and Spain took thousands of lives and was finally settled in 1822 when Augustin Iturbide, a late entry General who earlier had fought on the Spanish side switched to the aid of the Mexicans.
Iturbide was able to engineer
his rise to power and
became the first leader of
the new Mexican republic
declaring himself “Emperor”.
He was a brutal dictator and
successfully deposed in 1824,
then exiled with the caveat that
if he returned to Mexico, he
would be executed. He tried,
was caught and died.
Augustin Iturbide

5. An 1823 8 Reales featuring Augustan Iturbide
The silver coins issued by the Iturbide government were struck in 1822 and They depicted the emperor on the obverse with an crowned eagle perched on a cactus on the reverse.
An Reales featuring Augustan Iturbide
Grading about XF-40

6. An 1822 Iturbide Mexican ½ real equivalent to 6¼¢
The Iturbide silver coins were struck in five denominations; the half-real, real, 2 reales, 4 reales and 8 reales
An 1822 Iturbide Mexican ½ real equivalent to 6¼¢
grading about VF-30 struck at the Mexico City Mint

7. An 1824 KM-373.1 Hooked Neck Eagle 2 Reales (25¢) struck
In 1824, with Iturbide gone, the eagle was moved to the obverse replacing the portrait of the deposed dictator. The reverse now depicted a Phrygian cap with extended rays and the date placed below.
An 1824 KM Hooked Neck Eagle 2 Reales (25¢) struck
at the Durango Mint grading About VF. Many of these early Republic of Mexico coins were crudely struck. The 8 Reales of this short series are quite rare.

8. During this period the design was slightly changed a number of times.
An 1826 KM Reales grading Fine-15,
struck at the Guanajuanto Mint
The eagle is standing upright with the snake in his mouth
and his lower talon is now resting on a bed of cacti.

9. Latin American 4 Reales were struck in small numbers.
An 1827/6 KM Reales struck at the
Mexico City Mint, grading about VF-25.
This first date issue represents the most common date of this series.

10. struck at the Guanajuanto Mint
Of all the denominations, the 8 Reales--much like the early 19th century Bust halves and later 19th century Morgan dollars--were struck in the largest numbers as ‘”specie”, hard money.
An 1834 Cap & Rays 8 Reales, KM graded AU-55
struck at the Guanajuanto Mint
This is a relatively common date & mintmark and affordable even in mint state.

11. The coins of the Central American Republic In 1821, the Spanish Viceroys ceded their respective Central American territories, which included Guatemala, El Salvador, Honduras, Nicaragua, and Costa Rica. The population at around that time was 1.5 million people.
Shortly after Augustin I became emperor of Mexico, he invited the five countries to become part of his nation but El Salvador refused preferring to join the United States instead. Iturbide ordered an invasion of El Salvador but when he was embattled in rebellion in 1823, the five countries reunited to form a new confederation to be known as the Central American Republic.
They began issuing coins in The obverse featured five mountains representative of each nation with the sun rising behind, its rays spread out above them. The reverse displayed a Ceiba tree with the denomination split near at the tree’s trunk, (e.g., 8 R). Most of the coins were struck at the Guatemala City Mint, some in San Jose, Costa Rica and the 2 Reales in Honduras at Tegucigalpa. When the Federation disbanded in 1839, coins with the same design continued to be struck thru 1849 in Costa Rica.

12. The magnificent Coinage Design of the C. A. R
The magnificent Coinage Design of the C.A.R. Information as to the engraver is unknown but the coin is considered one of the finest of that era.
An Reales of the Central American Republic, KM-4 struck at the Guatemala City Mint grading AU-50, the most common date.

13. The minor coinage of the C. A. R
The minor coinage of the C.A.R. are a lot scarcer than the 8 Reales, especially the 2 Reales which was struck only at the Tegucigalpa Mint in Honduras in 1825, rare, 1831, available, and 1832, scarce. An 1849 issue was struck in San Jose, Costa Rica long after the C.A.R. dissolved.
An Reales, KM-9.3 with a serious planchet flaw grading VF-20. Despite being the only quasi-common date, this was the highest graded 2 Reales the author found in his twenty years as a collector of Latin American coins.

14. The two 2R coins at left are legitimate , the copper-toned, a contemporary counterfeit
1831 2R R R, KM-19
Date on reverse

15. C.A.R. 1 Real .903 fine silver coins were struck in Guatemala City in 1824 & 1828, in Tegucigalpa in 1824 (extremely crude with just 3 known), also in 1825 (with one known) and 1830, collectible but scarce, also in Costa Rica in 1831, 1848 & 1849.
The 1824 C.A,R 1 Real , KM-3 struck in New Guatemala Mint is the most common date.

16. An 1824 ½ real graded MS-62 by PCGS struck at the Guatemala City Mint.
The ½ reales of the C.A.R. were struck mostly in Costa Rica but the 1824 first year of issue struck in Guatemala is the most common although, not easy to find.
An 1824 ½ real graded MS-62 by PCGS struck at the Guatemala City Mint.

17. Only 3 mountains appear on the ½ Real silver coin.
The four C.A.R. Mountains & Rays silver denominations in scale; the 8R, 2R, 1R and ½R
1824 8R, R, R & 1824 ½R
Only 3 mountains appear on the ½ Real silver coin.

18. Only three mountains appear on the obverse.
There was also one tiny ¼ Real silver denomination struck by the C.A.R.
An 1840/30 ¼ Real struck at the Guatemala City Mint is one of the commoner issues for this tiny C.A.R. coin It was valued at 3 & 1/8¢ in the US at the time of issue and technically was still legal tender in the United States. Like the ½ real,
Only three mountains appear on the obverse.

19. An 1824 8 Escudos of the Central American Republic
The Gold Coinage of the Central American Republic Five gold escudo denominations were issued by the C.A.R. the ½ E, 1E, 2E, 4E and 8E
An Escudos of the Central American Republic
The sun now appears directly over the mountains
(photo, courtesy of CoinWeek author Greg Reynolds)

20. Shown are pix of the ½, 1 and 2 escudos.
The gold coinage of the Central American Republic contained the standard percentage of gold content in five denominations. 1 escudo was equal to 2 silver 8 Reales.
Shown are pix of the ½, 1 and 2 escudos.
Most mintages are from either the Guatemala or Costa Rica Mints and are listed in the four to five figures with both the 4 escudos and 8 escudos scarcer still
and fairly expensive today.

21. The Republican Coins of Peru
Just as Hidalgo was the “father” of the Mexican War of Independence, Jose de San Martin ( ), born in Argentina, was proclaimed “the protector of Peru”. He was a military General who first helped to liberate Argentina from Spain in 1814, then Chile in 1818 and with the with help of Simon Bolivar, formed a new army to conquer the Spanish forces that helped to liberate Peru on July 28, 1822.

22. Three of the four 1823 provisional Peruvian state coins
The first coins issued by the provincial government of Peru in 1822 & 23. There were three copper coins in denominations of ¼, ½ and 1 Real along with one silver peso, the “Peru Libre” type.
Three of the four 1823 provisional Peruvian state coins
The copper ½ and 1 Real and the .903 fine silver
Peru Libre type peso which was legal tender in the USA.

23. A closer look at the 1823 Peru Libra type 8 Reales
There were three Mints in Peru, the largest production came from Lima, the capital, followed by Cuzco to the east and Arequipa to the south
A closer look at the 1823 Peru Libra type 8 Reales
It was coined in 1822 and 1823
Struck at the Lima Mint, the M on the right side of the obverse before 8R is a combination of LIMAE (for Lima)

24. Beginning in 1825, the Republic of Peru began issuing silver coins featuring the standing Libertad in five denominations, the 8R, 4R, 2R, 1R, ½R. The ¼R featured a llama.
An Reales featuring the Peruvian coat of arms on the obverse and a standing Libertad holding a Phrygian cap on a staff with her right hand while supporting a slightly slanted shield with her left hand on the reverse.

25. The Cuzco Mint struck basically the same design-types but by another engraver resulting in slightly different features. The Coat of Arms is larger while Libertad presents a more slender figure. Both are equal in collector value.
An Reales featuring a slenderer Libertad on the reverse (Cuzco Mint). The Cuzco strikes tend to be lighter

26. An 1831 8R, K-142.4 struck at the Cuzco Mint.
Over the years thru 1855, the Libertad series underwent a number of subtle changes
An R, K struck at the Cuzco Mint.
The coin is a higher grade example and a better struck issue. Libertad now has a Roman helmet with a shield similar to the 1826 Lima Mint example.

27. An 1855 8R KM-142.10a struck at the Lima Mint
In 1855, the standing Libertad” type coin, now with a reeded edge, appears significantly different
An R KM a struck at the Lima Mint
Liberty now has an attractive hairdo instead of a helmet and a different shield.

28. An 1854 late date standing Libertad 4 Reales
The 4 Reales Libertad silver coins, although scarcer than the 8Rs are collectible.
An 1854 late date standing Libertad 4 Reales

29. When it comes to the lower Peruvian denominations such as the 2 Reales, locating high grade specimens are more difficult because more people used them compared with the dollar types which were saved by banks as specie.
An Reales, KM-141.3
These later date coins prior to 1857 are easier to acquire than those struck in the 1830s & 40s. The coin is attractive in this higher grade despite the uneven strike.

30. A very late date 1856/5 1 Real in virtually
1 Real Peruvian coins circulated heavily since 12½¢ had even more purchasing power in Peru during the 19th century than in the United States, so although a lot were struck, finding high-grade specimens from the 1820s thru 1840s is difficult.
A very late date 1856/5 1 Real in virtually
uncirculated condition, beautifully toned.

31. An 1855 ½ real, KM-144.7 struck at the Lima Mint.
The next to smallest silver coin Peru made was the ½ real worth 6¼¢ These were also heavily used. Many women punched holes at the top of them and attached large size metal wrist size bands through them, so finding un-holed specimens and coins that are problem free is a challenge for the collector.
An 1855 ½ real, KM struck at the Lima Mint.
The date is common but since most dealers in foreign coins seldom bring their “minors” with them to large shows, finding a decent specimen is unlikely.

32. An 1830/28 ¼ Real probably grading VF-30.
The tiny ¼ Real --worth 3&1/8 cents in US money-- was struck from 1826 thru 1856 with the simple design showing the Mint that struck the coin, the value in reales, ¼ and the date on the obverse while the reverse displayed a llama.
An 1830/28 ¼ Real probably grading VF-30.
The date is common but they don’t surface very often because the demand is low, so dealers often do not bring them to shows.

33. A collection of all six denominations featuring the Libertad
A collection of all six denominations featuring the Libertad .903 fine silver Coins of Peru inc. the tiny ¼ Real.
8R R R R ½R ¼R

34. The Gold Coins of Chile Gold coins were struck from the ½ escudo thru the 8 escudo with the higher denomination being rather expensive although a number of the dates for the lower denominations may be elusive.
An 1826 ½ escudo struck at the Lima Mint, a common date and not very expensive and the only gold coin from that country the collector acquired.

35. The Early Republican Coins of Chile
Bernardo O’Higgins
Bernardo O’Higgins was the illegitimate son of an Irish born Spanish father and a Chilean mother. He was educated in London and later joined Jose de San Martin in the war against Spain to create an independent and democratic Chile leading his winning forces in the battle of Chacabuco in He became the first democratic leader of Chile in Feb

36. An 1817 Chilean Volcano Peso KN-82.2
In 1817, the Republic of Chile struck its first silver coin, the Volcano Peso (or dollar size 8 Reales
An 1817 Chilean Volcano Peso KN-82.2
The coin was struck in consecutive years thru 1826,
then from 1830 thru 1834

37. An 1834 Volcano 2 Real grading XF-45
The Chilean Volcano silver coin series was struck in four denominations, 8 Reales, 2 Reales, 1 Real and ½ Real.
An 1834 Volcano 2 Real grading XF-45
Only 3,470 were reported struck at the Santiago Mint

38. Both the 1 Real and 2 Reales were one year types.
An 1834 Volcano .900 fine silver 1 Real
The reported mintage was only 16,000 but the coin is not
especially scarce, let alone rare.

39. The 1834 dated piece appears to be more common than the 1833.
The ½ Real was struck in 1833 and The reported mintage of 16,000 included both dates.
An 1834 ½ real grading VF-25
The 1834 dated piece appears to be more common than the 1833.

40. The tiniest silver coin was the ¼ Real
The tiniest silver coin was the ¼ Real. It was struck in 1832, 1833 and 1834.
An 1832/1 ¼ Real
The reported mintage for the date was 54,000
Which included both the over-date , (shown above) and the normal date.

41. An enlargement of the ¼ Real
Showing the over-date

42. The mintage was not reported.
A Shield & eagle series followed the Volcano type silver denominations beginning in 1837 with slight modifications in Below is an 8 Reales version
An fine silver Peso
The mintage was not reported.

43. There are many more interesting examples of
There are many more interesting examples of .900 fine or better silver coins struck in various Latin American countries that may have found themselves in the USA before 1857.
-The End-