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saved from the gold melt bucket at Long Beach
DennisH
Posts: 14,010 ✭✭✭✭✭
A dealer friend was going to sell it for melt: the weight listed in Krause times the closing spot price on Wednesday. He asked if I wanted it for the same price. What could I do?
(Can someone look up the Krause number for me; I only have the book for crowns and talers)
(Can someone look up the Krause number for me; I only have the book for crowns and talers)
When in doubt, don't.
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27.0764gms
.9010 gold
.7841 oz AGW
Is that a counterstamp on the neck?
I'll give you a quick hundred profit
FOR SALE Items
Your coin is Krause 42, 1789 DA (Santiago Mint). While not the rare version (KM27, Chas III) of this date, you scored BIG in my opinion (cat $1200) because, anytime you can get an 8 Escudos that looks like this for melt, you dun gooooooood!
Gary
All day long, man. All day long.
this coin beats any modern gold krugerrand , maple leaf , panda etc.
well done, congrats
My dealer friend never has foreign coins, which is why I was surprised when he pulled out this one. The concept of a huge 222-year-old gold coin going for melt -- in a PCGS holder no less -- was horrifying.
The mark on the neck isn't a counterstamp, but looks pretty clearly to be a strike-through or planchet defect. There's another one in the field just in front of the chin/mouth area, another to the left of ND, and another to the right of OL. They all add up to "character" in my book.
I saw some information on the internet from an old Ponteiro & Associates auction for a 1790 8 escudos that said "recorded mintage: 42,000" and was wondering if that number might be in the ballpark for 1789?
And finally, does anyone know what the reales to escudo exchange relationship is?
Your 8 Escudos would be the equivalent of 128 Reales.
Edited to add; mintage for 1789 Santiago is listed as 41,000 pieces.
Gary
Seriously, a great buy at melt.
Richard
my car art & My Ebay stuff
That is a great find and one heck of a piece to save from melt. If anything, if it ever loses it's allure, you know down the road it can go to the collection of a person who specializes in the series instead of being forever lost to being piece of a gold bar somewhere. It appears you have a dozen potential buyers right here!
<< <i>buy/sell a coin at melt is one thing. Actually melting it is another. I highly doubt that coin would have been melted. I too would have been all over that at melt. Nice buy. >>
That's an incredibly astute observation. You would all be surprised if you could see what coins are included in the big sales of gold between National Central Banks. The fact that they are sold for melt value, when clearly they are worth twice or more, doesn't mean that they will be melted. It's complicated. Dennis here, won the first prize of this complicated system without knowing it, but only by trusting his instinct.
myEbay
DPOTD 3
<< <i>way to go Dennis
Me too!
<< <i>A large-sized, problem-free, 18th century gold coin for melt?
All day long, man. All day long. >>
In a PCGS slab, no less? There's a no-brainer if there ever was one.
Looks like a planchet flaw to me, and they're very commonly seen on Chilean 8 escudos.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.