March / April 2015

M e x i c a n & L a t i n A m e r i c a n Ne w s l e t t e r
COINS OF THE 2ND MEXICAN EMPIRE KENT PONTERIO JOINS
By Carlos Jara MEXICAN COIN COMPANY
The 2nd Mexican Empire under Austrian Mexican Coin Company and Latin American Numismatics are
born Ferdinand Maximilian Joseph proud to announce that Kent Ponterio has joined our team,
(1832-1867) was a short lived coming on as full partner in the company. Kent is well known
regime, lasting little more throughout the numismatic community for his writing,
than three years between published articles and affiliation
the new Emperor´s landing with various renowned numismatic
at Veracruz on May 21, 1864 organizations. It is with great
and his execution by Juarez’ enthusiasm that we make this
Republican forces on June 19, announcement welcoming Kent to
1867. Its corresponding coinage the company. We feel he will play a
forms a coherent, if brief, group pivotal roll in helping to expand
of enchanting design studied and and grow the company in positive
Continues on page 5 directions. Over the past three
decades Kent has worked for some
MEXICO’S FIRST PAPER MONEY of the largest companies in the
THE 1813 SAN MIGUEL EL GRANDE WAR OF industry, including Ponterio &
INDEPENDENCE EMERGENCY ISSUES Associates (1993-2008), Bowers
By Carlos Jara and Merena (2008-2010) and most
recently Stacks Bowers Galleries (2010-2015) where he
served as senior numismatist and consignment director of
world and ancient coins.
Continues on page 2

MCC was privileged to recently handle one of the very few

extant specimens of the mysterious and excessively rare paper
vales issued in San Miguel el Grande (currently San Miguel

Continues on page 8

CHILEAN REPUBLIC COINAGE

ASSAYERS OF THE SANTIAGO MINT
Guest Column by Eduardo Chavez of Santiago, Chile
Introduction by Carlos Jara

Apart from the essential mintage figures, some of the more

important historical information in the early Latin Ameri-
can coinage series is the proper identification of the assayer
initials that appear on the coin themselves. Such a task can
only be accurately made with the backup of the correspond-
ing solid documentation. Indeed, any “guessing” based on
vague or incomplete data can often lead to mistakes.
Continues on page 3

Mexican Coin Company 1

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 PRESS RELEASE (CONT.)
We feel Kent’s knowledge of Mexican, Latin American and
World Numismatics is the perfect fit for our company. Kent is
SELL TO US
currently an officer of the U.S. Mexican Numismatics We believe we pay the highest prices for Mexican and Latin
Association where he publishes regular articles and has American coins and currency and over 90% of the people who ship
conducted lectures at the annual conventions. In 2002 and us their collections accept our offers. Selling privately to us has many
advantages over selling thru public auctions. Among them are privacy,
2007, La Sociedad Niumismatica de Mexico presented him immediate payment, potentially higher net proceeds to you and our
with the Alberto Francisco Pradeau awards, which is the ability to exchange your collection for precious metals.
highest award given each year by that organization. Kent has
If you are interested in selling, give us a call. If you decide to ship us
received various awards and certificates including Numismatics your coins or currency, we will call you within 48 hours after receiving
Internationals (NI), the Numismatic Achievement award in them with an offer. If you do not like our offer, we will pay the cost
2006 for significant contributions to the advancement of of immediately returning them by insured mail. If you accept our
numismatic knowledge. Kent has also lectured on various offer, we will mail a check with 48 hours. Wire transfer payment is
available on transactions over $10,000. We are happy to travel to view
numismatics topics, ranging from Mexican coinage to National substantial collections.
Bank notes as well as published a reference work on the gold 8
Escudo cob coinage of Colombia produced at the Santa Fe de We recommend that you ship your coins and currency by USPS
Bogota mint. registered mail and insure it. The maximum insurance per box is
$25,000, so be sure to divide the material up into more than one
package if it is over that level.
Over the years Kent has expanded his knowledge into fields of
European and Asian numismatics as well as ancient Greek and Mexico City mint, KM154, Onza-
Roman coins. He makes regular trips to Europe and Asia each 742. A lustrous, well preserved and
year and will continue to do so as a member and owner of this most appealing example of this
firm. It is our goal over the next year, to expand our numismatic rare one-year subtype showing
the imaginary young bust of King
offerings into these fields, becoming a full service world Charles III with the Golden fleece on
numismatic firm. the chest. Overall a truly exceptional
preservation for this very elusive
Kent can be reached at [email protected] issue with considerable mint luster
and very clean surfaces with only
very slight high-point wear defining
the assigned grade. Very rare and
most desirable in this select quality,
this currently being the single finest
certified example by NGC.

COLONIAL GOLD - 1761 MoMM This placement of the Golden Fleece

MEXICAN COIN COMPANY 8 ESCUDOS on the chest was obviously the
SHOW CALENDAR NGC AU55, KM# 0154 “correct” one since the earlier issues
SKU# 28417 with this same young bust and dated
1760 and 1761 showed the Golden
Chicago International Coin Fair Fleece pending from the bust while
Apr. 9-12, 2015 Price is $22,000.- the later “rat-nose” ones issued in
Crowne Plaza Chicago O’Hare, Rosemont, IL 1762 also showed the fleece on the
chest.
The Long Beach Coin, Stamp & Sports Collectible Expo
Jun. 4-6, 2015 ABOUT US
Long Beach Convention Center, Long Beach, CA
Mexican Coin Company and Latin American Numismatics are
ANA World’s Fair of Money located in Carefree, Arizona and owned by Cory Frampton
Aug. 11-15, 2015 and Max Keech. Scott Drummond manages the office which
Donald E. Stephens Convention Center, Rosemont, IL is open from 8 am to 4:00 pm Monday thru Friday. Carlos
Jara manages our Latin American operations and lives in
The Long Beach Coin, Stamp & Sports Collectible Expo Chile. Carlos travels throughout Central and South America
Sep. 17-19, 2015 and attends the major shows here. We are a leading buyer
Long Beach Convention Center, Long Beach, CA and seller of Mexican and Latin American coins and currency
and we stock the largest inventory in North America. Our
U.S. Mexican Numismatic Association Convention primary focus is on quality material and rarities dated prior
Oct. 15-17, 2015 to 1930. Our inventory consists of hundreds of certified
Hilton Scottsdale Resort, Scottsdale, AZ coins along with thousands of raw coins and thousands of
notes. We are the publishers of “Mexican Paper Money”, a
424 page color reference book on Mexican currency which is
available directly from our website. We attend many of the
major shows, including Mexico City, Long Beach, New York
International, the Money Show of the Southwest and others.

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 Continued from page 1 - CHILEAN REPUBLIC COINAGE ASSAYERS OF THE SANTIAGO MINT - By Brian R. Stickney

A case in point are two pieces from the famous Ecuador 1862 to forward me the following article, which finally correctly
coinage series, namely the 4 Reales and 50 Francos struck at attributes the assayer initials on the Chilean Republican
the Quito mint with locally engraved dies. Coinage. The original article with illustrations of the original
documentation can be requested to Mr. Chavez through
Past authors (including Hoyos, Seppa, Anderson, and myself) his personal email: [email protected]. Further details on
were puzzled at the presence of an “A” initial letter placed to the the assayers of the Santiago mint during the first years of
left of the 1862 date in the aforementioned two coins and two the Republican period can also be found in Paoletti-Jara:
theories were initially put forward to explain it satisfactorily. “Transición entre moneda realista y moneda republicana en la
Casa de Moneda de Santiago a partir de 1817”.
- “A” for a Paris Mint mintmark. Evidently illogical since
the “Quito” mintmark is clearly spelled out on both Identification of the working assayers of the Santiago mint
coins. between 1817 and 1852:
- “A” for an unidentified assayer. Again illogical since The coinage struck at Santiago mint shows assayer initials
the proper assayer William Jameson is again clearly between 1817 and 1852, which corresponds to the period
identified by his initials in Spanish (“G. J.” for Guillermo during which said coinage was struck under the Spanish
Jameson). Colonial (“Reales and Escudos”) monetary system. Chile
officially adopted the French Decimal standard in 1851, and
Sadly, this small controversial point was bugging me enough to silver and gold coins (without assayer initials as was customary
partly cloud the genuineness of both these important pieces in that system) were struck from that date onwards. A scarce
(since they were linked by letter and numeral punches as 1852 2 Reales issue also exists, struck in accordance with the
shown in the following illustration). old system (thus bearing the assayer initials “L. A.”) but given
a corresponding official value of 20 Centavos under the new
decimal system. That 2 Reales was the last issue struck under
the old system, with “normal” 20 Centavos coins also struck
later in 1852. The following is the list of working assayers of
the Santiago mint for the aforementioned 1817-1852 period in
chronological order.

Name Initial Dates of occurring

coins with initial
Francisco Rodriguez F 1817-1823
Jose Ignacio Eyzaguirre J 1817
Diego Portales D 1817-1821
Figure 1: punch links between the 50 Francos and the 2 Reales
Ignacio Moran I 1822-1847
(bottom left) and 4 Reales (bottom right) struck in 1862 with the
Quito dies (taken from Hoyos, Melvin: “La Moneda Ecuatoriana a Jose Larrain J 1834-1848
traves de los tiempos”, page 101). Manuel Osorio M 1848-1849
In the end, the controversy has been put to rest, and it would Luis Prieto L 1849-1852
have been earlier had the proper documentation surfaced in Alejandro Vial A 1850-1852
time. The latter allows for the proper (and far simpler and more Table 1: working assayer of the Santiago mint between 1817 and 1852
logical) explanation: the “A” initial is simply an abbreviation for
“Año” (year). Hence, the proper interpretation of the legend in Francisco Rodriguez Brochero
the above pieces is:
A Spanish Citizen, who authored the Catalogo de las muestras
Republica del Ecuador (issuing authority) Quito (mint) 4 Reales minerales y fosiles de Chile in 1803. He also was one of the
or 50 Francos (Denomination) first professors in Chemistry of the Instituto Nacional (Chile’s
first public school). He took office at the Santiago mint during
El Poder en la Constitucion (motto) G. J. (Guillermo Jameson, Spanish Colonial administration and retired in 1822. He was
assayer) A. 1862 (Año 1862, year of issuance). out of office during August 1817 due to him not having the
Chilean identification card. He was reinstated in his post after
Naturally, the 4 Reales piece also bears the identification of its being granted said card, in September 1817. It was during his
0.666 fineness, important since it was a specially authorized absence that the rare and famous No assayer 1817 Volcano
debased emergency issue. The aforementioned 2 Reales 1862 Peso was struck. Further details on this particular coin can be
with Quito dies is a fabled Latin American rarity, since it is a found in the Paoletti and Jara booklet mentioned above.
one year type with only one confirmed specimen. Said coin is
currently available from Mexican Coin Company.

Fellow collector and friend Eduardo Chavez was kind enough Continues on page 4

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 Continued from page 3 - CHILEAN REPUBLIC COINAGE ASSAYERS OF THE SANTIAGO MINT - By Brian R. Stickney
Jose Ignacio Eyzaguirre

Born in Santiago on July 31, 1779, he took office as 2nd

assayer at the Santiago mint since 1800. In June 1817, he was
TELL US HOW WE CAN HELP YOU
designated as National Administrator of Custom Offices and If you collect Mexican or Latin American coins or currency, we want to stay
left his post as assayer. in touch with you. Please include a want list if you have one. Our website
mexicancoincompany.com is interactive. If you take a couple of minutes to
Diego Portales Palazuelos set up an online account and let us know what you collect, you will receive
a weekly email notice listing new inventory items in your area of interest.
Born in Santiago in June 16, 1793, he was instated as 2nd assayer You can very simply cancel this service at anytime.
on October 9, 1817, and renounced on July 30, 1821. He would
later become an important politician and was murdered on
June 6, 1837.

Ignacio Moran Fuenzalida Philadelphia mint, KM-Pn12.

Attractive and well preserved with
Born in Santiago in 1799. He was designated as 2nd assayer on only slight friction evidence on the
higher points defining the grade and
July 31, 1821 in replacement of Diego Portales (see above). He free of distracting marks, while the
became 1st assayer in April 26, 1822, and held that post until strike is razor sharp as expected for
December 24, 1847 when he retired from service. a Proof issue. Extremely rare with 6
confirmed specimens and historically
Jose Vicente Larrain Espinoza important since part of the first series
of patterns struck at the Philadelphia
Designated as 2nd assayer in 1834, and occupied that post mint for a foreign country thus clearly
among the most desirable patterns
until 1847. He was designated as 1st assayer in early 1848 but in the entire Independent Latin
renounced at the end of that year. American series. Only two of the PERU REPUBLIC
aforementioned 6 specimens have SILVER PATTERN
Manuel Antonio Osorio been noted in higher grades, and 1855 - 1 PESO
those hammered at $19,000 in 2000 NGC PF53
Initially designated as smelter of the Santiago mint, he was (the Von Schuckmann specimen) SKU# 50037
designated as temporary assayer and then instated as 2nd and $11,000 in 2006 (the Whittier
specimen) respectively.
assayer in 1848 as replacement for Jose Vicente Larrain (see Price Upon Request
above). He was designated as 1st assayer on April 3, 1849.

Luis Prieto y Cruz

Originally a guard of the Smelting Department at the mint, PERU TUPAC AMARU
During 1845, he began to learn the Assaying at his request. He SILVER INDIAN PEACE MEDAL
approved that course in 1847 and was finally designated as ND (ca. 1782)
2nd assayer in 1849. He was designated 1st assayer in 1850 in Mint State - SKU# 50037
replacement of Manuel Antonio Osorio.
Price is $6,000.-
Alejandro Vial Guzman Lima mint. Lustrous Uncirculated with a
small test scratch to the left of the bust.
Born in Santiago in 1823. Initially proposed on November 27, A well pedigreed old restrike using
1849 by Mint Director Joaquin Tocornal to replace Manuel original dies and likely produced in the
late 19th Century, similar to the various
Osorio who was then travelling in Europe in representation of “Father Fischer” Mexican medals
the Chilean Government as part of the necessary preparations produced in the same period at the
for the final adoption of the French Decimal system. The official Mexico City mint. Medina’s 1919 “Medallas Coloniales Hispanoamericanas
designation occurred on the following November 28. Nuevos materiales para su estudio” plates this very same specimen on page
9. A great uprising, often referred to as the “Tupac Amaru II revolt”, occurred
in the Viceroyalty of Peru in South America ca. 1780-1782 as a result of
resisted Bourbon reforms and left deep historical wounds: more than 80,000
natives and around 10,000 Spaniards or criollos were killed as a result, while
CONTACT US efforts to eradicate the Inca culture – including the banning of the Quechua
language and the wearing of indigenous clothes – were decreed soon
MexicanCoinCompany.com after the revolt was tamed. It also left an important numismatic heritage
LatinAmericanNumismatics.com
E-Mail: [email protected] with a series of Indian Peace medals awarded to the loyal natives’ chiefs
Telephone: (480) 921-2562 by local Spanish Authorities. All are extremely rare with no more than two
FAX: (480) 575-1279 confirmed specimens for each of the four known types. The original striking
Mail and Registered Pkgs: FedEx and UPS Pkgs: of the present issue is represented by a unique specimen, now cherished in
Mexican Coin Company Mexican Coin Company an advanced American collection and likely impounded for many years. This
PO Box 5270 7275 E Easy St Suite B101 attractive example, also currently unique, with a legendary pedigree is thus
Carefree, Arizona 85377 Carefree, Arizona 85377 quite desirable in its own right. Ex Medina collection.

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 Continued from page 1 - COINS OF THE 2ND MEXICAN EMPIRE - By Carlos Jara
thoroughly catalogued as early as 1899 (in Benjamin Betts’ “To engrave the master dies of the new coinage in conformity
Mexican Imperial Coinage). to the stipulations of the present law, our Minister of State will
announce a public contest with the
Despite forming a rather straightforward and cohesive series as following bases and prizes for the most
mentioned previously, these coins were struck in very turbulent outstanding works:
times. Maximilian forces never succeeded in conquering
neither the entire Mexican territory nor its more than ten 1st. The following samples (patterns)
functioning mints. shall be presented within the term
of four months: two gold coins of
The following table, taken from Pradeau’s Historia Numismatica the denominations of 20 pesos and
de Mexico is a brief chronological summary of the periods of one peso, three silver coins of the
Imperial control for the indicated mints: denominations of one peso, 25 and 5
IMPERIAL ERA - 1866 Mo
centavos, one half centavo. 20 PESOS
Mint of Occupied Evacuated NGC MS63, KM#0389
Alamos May-June 1865 August 28, 1866 2nd. The first prize will be awarded SKU# 28341
to the (most outstanding work) work
Culiacán Never Occupied by the Imperialist Forces
qualified as perfect. It will consist of Price is $10,800.-
Chihuahua August 15, 1865 June 17, 1866 a sum of three hundred pesos and a
Durango July 4, 1864 October 31, 1866 contract for the author to engrave the master dies that are to
Guadalajara January 5, 1864 December 19, 1866 be sent to the mints for the following 6 years.”
Guanajuato December 8, 1863 January 26, 1867 Few denominations were actually
Hermosillo July 29, 1865 September 12, 1866 struck in accordance with this decree.
Mexico June 7, 1863 June 20, 1867 Only the 50 Centavos and 1 Peso
Oaxaca February 8, 1865 October 31, 1866 denominations were issued in silver
while the 20 Pesos was the sole
Real de Catorce December 1863
gold denomination struck. Since the
San Luis Potosi December 25, 1863 December 25, 1866 known Imperial coins of 1, 5 and 10
Zacatecas February 6, 1864 November 29, 1866 Centavos do not bear Maximilian´s
Table 1: periods during which the Mexican mints were effigy nor the “correct” Mo mintmark
under Imperial control. (they show a plain “M” instead of IMPERIAL1ERA PESO
- 1867 Mo
Although the previous table shows that by 1865, most of the the “Mo” which was also specified NGC MS63, KM#0388.1
operating mints had fallen under Imperial control, only four of in the aforementioned 1865 coinage SKU# 28606
those mints issued Imperial coins between 1864 and 1867, as decree), it is logical to consider them
indicated in the following table: provisional coins, struck for the need Price is $2,500.-
of minor coinage before the proper
Imperial dies were manufactured.
Mexico City Guanajuato Zacatecas San Luis
Denomination Metal Potosi
Centavo 1 Copper 1864 X X X
Known “proper” Imperial coins are thus the last three rows in
Table 1, namely:
Centavos 5 Silver 1866 ,1864 1864-1866 1865 1864
Centavos 10 Silver 1864-1866 1865 ,1864 1865 1864 • San Luis Potosi mint: 1 Peso 1866-Pi.
Centavos 50 Silver 1866 X X X • Guanajuato mint: 1 Peso 1866-Go.
Peso 1 Silver 1867 ,1866 1866 X 1866
• Mexico City mint: 50 Centavos
Pesos 20 Gold 1866 X X X
1866-Mo, 1 Peso 1866-Mo (2
Table 2: summary of known Maximilian coins.
main varieties known: small
Some of the previously referred coins were undoubtedly letters - very scarce - and
authorized (since they were struck) prior to the publication of normal letters), 20 Pesos
the official decree of April 10, 1865 sanctioning the definitive 1866-Mo.
designs of the various projected denominations for the The design and engraving of these
Maximilian coinage. This decree was transcribed in Pradeau “proper bust” coins were entrusted to
and included, interestingly, a complete series of copper (1/2 artists Sebastian C. Navalón, Cayetano IMPERIAL ERA - 1866 Mo
and 1 Centavos), silver (5, 10, 25, 50 Centavos and 1 Peso) and Ocampo and Antonio Spiritu, whose PATTERN 1 PESO
gold coins (1, 5, 10 and 20 Pesos), all bearing the bust of the names appear on the coins of 1 and NGC MS62, KM Pn100
new Emperor and the inscription Imperio Mexicano. It also set 20 Pesos on a ribbon located at the
SKU# 25938
the basis of the contest to select the engraver of the coinage, bottom of the bust. Price is $5,000.-
according to Pradeau as follows:
Continues on page 6

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 Continued from page 5 - COINS OF THE 2ND MEXICAN EMPIRE - By Carlos Jara

The small-letters 1 Peso 1866-Mo and the 20 Pesos 1866-Mo I have seen a vast number of these dollars, but no other with the
are notoriously better finished than the other issues, often broken die mark as described. Was the incident ominous? The
showing proof like surfaces and an unusually strong strike. history of the Emperor will make many persons so believe, for
Pioneering author Betts wrote on the small-letters Peso: “they omens, and all the strange fancies which prevail now, have as
are recognizable from the legend on the obverse which is in many devotees as in the olden times, when magic, enchantment
shorter letters, the surface, proof or and diablerie were feared and believed.
approximately so, and the temple
of the effigy much depressed”. This
variety clearly represents the rarer
of the 1 Peso 1866-Mo issues and
several theories have been put
forward to explain its scarcity.

The first such theory – clearly the

more romantic one – was presented
IMPERIAL ERA - 1866 Pi
1 PESO as early as 1879 by one J. E. Nagle
IMPERIAL ERA - 1864 P IMPERIAL ERA - 1866 Mo
NGC AU58, KM#0388.2 (American Journal of Numismatics, 5 CENTAVOS 50 CENTAVOS
SKU# 28607 Vol. 13, page 85, later mentioned NGC AU50, KM#0385.2 NGC MS63, KM#0387
in both Betts and Pradeau) and SKU# 19095 SKU# 28415
Price is $350.- involved a broken coin press, a
resulting purported mintage of only Price is $2,200.- Price is $2,800.-
36 pieces, the last of which supposedly given as a memento
to Empress Carlota and an omen predicting Maximilian’s Ferdinand Joseph Maximilian was born in Schonbrun, Austria,
death by a firing squad in 1867. It read as follows: 1832, became Emperor of Mexico, June 12, 1864, and was shot,
June 19, 1867. He was thirty-two years old when he assumed
I have in my possession a Maximilian dollar, the well the throne, reigned three years and one week, was thirty-
authenticated legend of which is as follows: when the last five and in his thirty-sixth year when executed. His body was
coinage was made, the die broke mangled, and one ball entered his head at the exact spot where
and the last piece was mangled, so the silver burr made by the broken die shows on the forehead of
that its resemblance to a dollar was the effigy. Was it prophetic of his tragic doom? I have told you
hardly recognizable, and the piece the legend as it came to me from a reliable source.
was given to the Empress Carlotta
as a memento of the incident. On Nagle had at least one fact right since the first die of the
examination of the mintage, it was Maximilian Peso indeed broke
discovered that when the die was after a short period of time as
first broken, a small clip, like a gash, proven by Orozco y Berra’s almost
was made visible in the forehead of IMPERIAL ERA - 1864 M contemporary account published in
the effigy. The crack was enlarged 5 CENTAVOS 1869 (“Acuñacion en Mexico” in Vol.
in each succeeding piece, until the NGC MS64, KM#0385.1 1 of the magazine “El Renacimiento”).
thirty second; the succeeding three SKU# 27942 Nevertheless, since more than 36
pieces were badly broken, and the Price is $475.- specimens of the small-letters 1 Peso
thirty-sixth was the illegible mass of 1866-Mo can be accounted for, later
silver now in Carlotta’s possession. authors were correct in dismissing IMPERIAL ERA - 1865 G
his charming account as a fantasy. In 10 CENTAVOS
When the discovery was made, it occurred to the workmen particular, noted numismatists Betts NGC MS62, KM#0386
that the circumstance was an and Pradeau considered this variety SKU# 28609
omen of some dire disaster, and the as “an early impression of the dies”
excitement was intensified when Price is $900.-
or the first die variety respectively.
it was announced that Maximilian The latter wrote the following in his
was thirty-two years old when he Historia Numismatica de Mexico:
became Emperor of Mexico, and that
he was then in the third year of his It is known that the minting of the coins of 1 Peso at the
reign, and the belief obtained that Mexico mint began on February 7, 1866 witnessed by the
the last mangled thirty-sixth piece Emperor himself accompanied by the Secretary of State and
IMPERIAL ERA - 1866 Mo indicated a tragic and terrible finale Deputy Ramirez Ulibarri. The director of the mint gave each of
1 PESO to the monarch. An American officer these three dignitaries some specimens of the new coins and
NGC MS64, KM#0388.1 was in charge of the Mint, and he Maximilian was so joyful with the perfection of the work that
SKU# 28415
immediately secured the pieces, one he reportedly gave verbal instructions to gift two pieces from
Price is $3,800.- of which I have. Continues on page 7

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 Continued from page 6 - COINS OF THE 2ND MEXICAN EMPIRE - By Carlos Jara
the batch of coins that had been struck under his presence to Total amount Number of coins
Denomination
each of the workers of the mint. in pesos struck
Silver Pesos (including 1866 and
The aforementioned mintage was 3,366,000 3,366,000
1867 dates)
made on the press recently acquired 50 Centavos (dated 1866) 14,575 29,150
from the house Morgan, Orr & Co.
Gold 20 Pesos (dated 1866) 103,980 5,199
that was capable of coining 80
pieces per minute. Therefore, if the Table 4: mintage figures for the coins struck with the effigy of Maximilian at
the Mexico City mint per Manuel Payno.
dies indeed broke less than a minute
after the operation had started (to In addition, Orozco y Berra gives the following mintage figures
account for the only 36 pieces struck) for the 5 and 10 Centavos struck at the Mexico City mint:
it is likely that the Emperor would
IMPERIAL ERA - 1864 M not have been satisfied and that
10 CENTAVOS Year Centavos 10 Centavos 5
NGC MS63, KM#0386.1
neither he nor his ministers received
1864 $13,853.20 (138,532 coins) $6,712.70 (134,254 coins)
SKU# 15401 any samples. In any event, he would
certainly not have given orders to 1865 $11,555.70 (115,557 coins) $6,377.35 (127,547 coins)
Price is $450.- gift two pieces of that batch to the 1866 $ 9,225.50 (92,255 coins) $4,980.30 (99,606 coins)
several hundred men employed in 1867 $ 2,000.10 (20,001 coins) $ 428.00 (8,560 coins)
the mint… contemporary sources of the time state that … the Table 5: mintage figures for the Mo mint Maximilian 5 and 10 Centavos.
pesos of Maximilian could not stack well due to their raised
centers. Was this not the cause that made the fabrication of a Thus certain grey areas remain in the Maximilian
new die imperative?”. coinage, yet these do not prevent it from being a popular and
highly coveted series. The coins bearing Emperor Maximilian’s
Modern numismatists tend to effigy have been lauded as the most beautiful struck after
classify the small-letters variety as the Mexican Independence in 1821. The workmanship and
a pattern issue, which is generally finish, particularly of the small letters “pattern” 1 Peso and
accepted based on the coins’ proof the gold 20 Pesos, are certainly technically superior to all prior
like surfaces and “pattern like” issues minted after the Colonial period. Since it is also a short
characteristics. Regardless of its series, as opposed to the vast Cap and Rays issues, it is rather
true nature as a pattern or an early straightforward to collect. Although completing a type set is
subtype struck from different dies, relatively easy, the task becomes increasingly difficult if one
it is very scarce, quite desirable and searches for high grade pieces, which can prove decidedly
much sought after. As a side note, IMPERIAL ERA - 1866 M elusive.
it is very probable that the various 5 CENTAVOS
proper patterns called for in the NGC MS61, KM#0385.1 We are proud to offer for sale the large selection of
aforementioned 1865 decree were SKU# 19114 high grade issues which are shown in this article.
indeed fabricated yet none has
Price is $1,100.-
survived to the best of the author´s
knowledge.

The mintage figures for the Maximilian period are not

yet definitively established, which is surprising since both
main sources (which differ between them) are almost
contemporary: we are referring to Orozco y Berra’s previously
mentioned article (published in 1869 as noted before) and
the printed report by M. Payno “Cuentas, Gastos, Acreedores
y otros asuntos del tiempo de la intervencion francesa y del
Imperio de 1861 a 1867” (Mexico, 1868), both of which are
summarized following.

Total amount in Number of coins

Denomination IMPERIAL ERA - 1865 Z IMPERIAL ERA - 1864 M
pesos struck
5 CENTAVOS 1 CENTAVO
Silver Pesos dated 1866 2,147,675 2,147,675 NGC MS65, KM#0385.3 NGC MS63BN, KM#0384
Silver Pesos dated 1867 1,238,000 1,238,000 SKU# 26480 SKU# 26479

Total of silver pesos 3,385,675 3,385,675 Price is $775.- Price is $1,300.-

Centavos 50 15,575 30,150
Gold 20 Pesos 165,480 8,274
Table 3: mintage figures for the coins struck with the effigy of Maximilian
at the Mexico City mint per Manuel Orozco y Berra.

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 Continued from page 1 - MEXICO’S FIRST PAPER MONEY THE 1813 SAN MIGUEL EL GRANDE WAR OF INDEPENDENCE
EMERGENCY ISSUES - By Carlos Jara
Allende) in 1813. Estimates of extant specimens from various of San Miguel el Grande had indeed obtained the aforementioned
specialists attending the recent USMEX 2014 Convention ranged authorization reported by the Intendancy of Guanajuato in a
from a low of 6 to a high of 9 known specimens, including all non-malicious way, it would still
signatures variants, for this issue. More tellingly is perhaps the represent a reprehensible and reckless
fact that the specimen mentioned in the present article was the attitude by arrogating himself
only one personally seen by all attendants of the convention. excessive faculties to authorize the
While certainly rudimentary in their execution (see our following manufacture and circulation of the
footnote), these specimens are undeniably attractive and their paper money issue. This same medium
historical importance (as Mexico’s first officially authorized (the paper money issue) was proposed
paper money issue) is hard to overstate. The present article under the direst circumstances by the
provides additional (and previously unpublished) information Intendancy and Council of Merida de
on the issue and identifies one of the signatories of the notes, Yucatan, yet it was still denied by this
Miguel Malo, as the Subdelegate of San Miguel el Grande at the authority, and in the end other more
time. Following is a transcription of part of the related viable measures such as the forced
correspondence between the aforementioned Miguel Malo, loan of the silverware and the
the Intendant Fernando Perez Marañon, and Viceroy Felix additional taxes on the properties
Calleja. were taken. These measures were
most prudent since they prevented all
Mr. Intendant Fernando Perez Marañon the harms and inconveniencies that
have always resulted from the use of
The extreme lack of circulating media, and especially the paper money. In addition, it should be
divisionary one, and the avarice of these merchants who only noted that the aforementioned (paper
exchange a peso (8 Reales coin) when four or five reales are money) issue put into circulation by
spent result in a great harm for these habitants, particularly the the Subdelegate of San Miguel el
poor ones… This state of affairs has moved the notorious zeal of Grande is entirely despicable (a harsh
the Church dignitaries, of the regular mayors, of the Public depiction of the notes!) and it can only
Prosecutor and Governor to remedy it before the people, be redeemed and guaranteed by
irritated by the conduct of these merchants, plot some himself personally and the Junta which
unfortunate project. he claims to have consulted: indeed,
the Public Exchequer should never be
I have thus called on the morning of the 14th of the present forced to receive these unauthorized
month a general meeting of the local assembly, and after most notes nor the people who have
of its members presented their thoughts on how to remedy received it in good faith since
these pressing circumstances, it was decided on a majority vote considering them to be legitimately
to designate a council composed of the most illustrated approved since authorized by the resident Judge in that locale.
neighbors and church authorities to present me with the more
suitable projects for the remedy. At the meeting of said council, It should also not come as a surprise that this media allows for
it was decided to manufacture some paper scripts to circulate in the deceiving of the people with only a few individuals hoarding
lieu of the coinage with a value of ½ Real under the strict the limited coinage that is found in circulation. This suspicion
supervision of the judges and subject to all the penalties should be all the more present considering the recklessness
considered in our wise legislation for its counterfeiters. I am shown by the Subdelegate, which probably emanates from some
reporting all of the aforementioned events to Y. E. for your personal interest in the matter. Indeed, even the most extreme
acknowledgement and approval. May God guard you many ignorance could not have bestowed upon him such ample and
years. extraordinary faculties nor explain the laconism and lack of
information that emanates from his note in which he informs the
San Miguel el Grande, on July 18, 1813. Intendancy of Guanajuato about the matter: the latter does not
specify the amounts of notes that have been printed nor the
Miguel Maria Malo.
warranty to back up their value nor all the other details and
Decree. circumstances that such a serious measure usually implies.

Guanajuato, on July 23 of 1813. By virtue of the exposed arguments, Y. E. should disapprove the
measure of the Subdelegate of San Miguel el Grande in its
Inform His Excellency the Viceroy with a copy of the present entirety, and instruct the Intendancy of Guanajuato to take the
communication and of the previously mentioned request, and measures they deem convenient to question said Subdelegate,
consult the ordinary councilor for the executive provisions. learn about the true origin of this most violent procedure (of
issuing paper money), recall the notes and reimburse their
Marañon. tenants with the value that has been attributed to them and
other necessary measures to obtain thorough antecedents of the
(Reply by Felix Calleja) issue in general.
Even if the individual who presents himself as the Subdelegate
Continues on page 9

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 Continued from page 8 - MEXICO’S FIRST PAPER MONEY THE 1813 SAN
MIGUEL EL GRANDE WAR OF INDEPENDENCE
EMERGENCY ISSUES - By Carlos Jara
seminar in the popular counterfeit detection series. In
Mexico, September 20 of 1813. Calleja. addition, Jay Turner of NGC will discuss the grading process
with an overview of potential problems encountered with
This documentation allows concluding several relevant facts, Mexican coins including cleaning, chopmarks, tooling-
including the following: repairing, altering and counterfeits.
- The San Miguel el Grande necessity issues of ½ were
authorized by local authorities and are thus ought to be SILENT AUCTION: The 2014 silent auction raised over $8,000
considered paper money official issues and as such, first for the Association due to the generous donations of members.
confirmed paper money Mexican issue. The auction has become the single largest source of funds for
the Association. Please participate this year and send a
- Despite ordering their recalling, the Mexican general donation for a worthy cause. All collectible items are
authorities accepted to compensate the bearers of the appreciated. If you have extra coins, medals, currency or
notes, implicitly recognizing their face value to the interesting books that you can part with for a good cause,
corresponding owners. please send them to my office care of USMex.
- The extreme rarity of the notes is obviously due to the EXHIBITS: We had a great group of volunteers who set up
great zeal with which the recalling and destruction of quality exhibits last year. We need displays for this year and if
the notes was performed, following Calleja’s clear you would like to participate, give me a call.
instructions.
BOOK SALE: Send us your extra library books! If you haven’t
BUY FROM US read it in a couple of years it is time to pass it along! Remember,
Our website contains thousands of items priced from $20 to over all proceeds benefit the Association.
$20,000. Coins and currency can be purchased directly on our website
or you can give us a call. We do not have a printed price list, but are The schedule of events is as follows:
happy to discuss your needs in person. We regularly acquire coin and
currency collections and new items are first offered to individuals who THURSDAY 15 OCTOBER
have provided us with their want lists. 12pm - 2pm Dealer Setup
2pm - 5pm Early Entry ($10 Donation)
LAYAWAYS - Layaways are welcome. Terms are 25% down with the 5pm - 7pm Welcome Party, Silent Auction and Awards Ceremony
balance in three monthly payments of 25%. If you need to purchase All in the patio area outside the Convention Room
on other terms, give us a call.
FRIDAY 16 OCTOBER
PAYMENT – You can pay online with a major credit card or paypal. 8am Dealer Entry
Personal checks are welcome. Simply give us a call, place your order 9am – 6pm Bourse Hours
over the phone, and mail us a check. 10am / 1pm & 2:30pm Seminars

US MEXICAN NUMISMATIC ASSOCIATION SATURDAY 17 OCTOBER

2015 CONVENTION AND 8am Dealer Entry
EDUCATIONAL FORUM 9am – 6pm Bourse Hours
10am / 1pm & 2:30pm Seminars
By Cory Frampton
It seems like everyone has a tendency to wait till the last
A little over six months from now we will be holding our fourth
minute to make hotel and banquet reservations. Don’t wait
annual convention Thursday, Friday and Saturday October 15-
too long as our room block was not increased much over last
17, 2015 at the Hilton Scottsdale Resort 6333 N Scottsdale
year. You can make both hotel reservations online at usmex.
Road, Scottsdale, Arizona.
org
The 2015 convention promises to be our best yet. It will be
held in the same expanded bourse area with all of the opening If you have any questions, give me a call.
night activities occurring in the patio area.
Cory Frampton
SPEAKERS: We are very excited about our speaker lineup for Executive Director
this year. While we have not firmed all of them up, there will 602-228-9331
be a lot of fresh subject matter. Included will be the second PO Box 5270 - Carefree Arizona 85377

Mexican Coin Company 9

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 VISIT THE
WORLDS LARGEST
INVENTORY OF
MEXICAN AND
LATIN AMERICAN
COINS AND
CURRENCY AT

mexicancoincompany.com
(480) 921-2562