Lot 1119
Mexico - Republic. 8 Escudos, 1823-Mo-JM. Fr-63; KM 382.2. 27.01 grams. Type II: Hooknecked-eagle, left, holding looped snake. Reverse: Hand holding Liberty Cap on staff, over open book. Faint adjustment marks at hand, otherwise centers unusually well struck up. Fields very lustrous. Very rare, particularly in this grade. NGC graded MS-62.
The establishment of the United States, along with the ideas aroused by the French Revolution, augmented by the Napoleonic occupation of Spain, set in motion the pent up forces in Mexico on the course to independence. Begun by the priest Miguel Hildago y Costilla, whose rallying cry for racial equality and redistribution of land captured the hearts of the disenfranchised, the conflicts between Mexico's revolutionary and conservative factions spun out over several years. With a change of regime in Spain, in 1820, a way was found to negotiate a separation from her and Mexico. The Spanish colony became formally independent in 1821, but independence was modified by royalist elements, who voted Don Augustin I Iturbide in as emperor in 1822. Republican elements countered, pressing him to abdicate, which he did in 1823. Mexico was at last a republic.
This is the first gold coin to be issued by the new republic. Also, it is a single year type, with Mexico City being the only issuing mint. Struck in two varieties, the Type II's being much rarer than the Type I's. Smaller denominations of the Escudo wouldn't begin appearing until 1825, and only at a few mints.
Estimated Value $20,000 - 25,000.
Illustrated in Money of the World, coin 163.
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| Realized $48,300 |
