This Mexican 8 Reales has been countermarked with the portrait of King George III by The Bank of England and used as emergency money. Graded aVF with the counterstamp, which is very sharp and clear, graded as aEF.
When the bank was short of silver for general circulation it decided to punch the Spanish colony silver with the king's bust instead of melting the silver down to produce their own coins. It was a much quicker process. There were some forgeries produced that entered circulation as the stamp was easy to replicate. Original pieces had a deep counter stamp.
Among other sources, the Spanish silver is thought to have been from ships captured by the English. The earlier countermarks have the oval shape like the one seen here, later ones were Octagonal.
Spink Ref 3765A
KM# 641 (Host 8 Reales KM# 106.2)
The host coin shows the armoured bust of Charles III (Carolus III). The counter stamp contains high level of detail of King George III.
Crowned shield flanked by pillars with a banner. Normal initials and mintmark. Convex area can be seen. This was produced when the coin was counter stamped on the obverse.
|Actual Silver Weight||0.7858oz|
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