World Gold - 1820MO JJ Mexico 8 Escudos NGC MS64+
Ferdinand VII gold 8 Escudos 1820 Mo-JJ NGC MS64+
Mexico City mint, Very Choice Mint State with fully brilliant, partially reflective fields and only trivial surface handling marks preventing an even higher designation. A truly sensational type representative for this popular series, very rare and most desirable in this lofty preservation, currently the finest certified of this date. This is the second to last date of this design, before the First Republic issue was issued.
NGC total population for the 1820 8 Escudo is 31 coins. The average grade of the 31 coins is AU55. This MS64+ is the FINEST KNOWN.
OF all the 8 Escudos gold coins struck between 1601 and 1823, there are only 14 coins finer than this coin. This is out of a total of 1,881 graded. This 1820 is tied with two others at the MS64+ level.
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 during the year 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 remarkable specimen was minted during this transitional period of time.
In the New World, Spanish colonies discovered several major deposits of gold, especially in Columbia. These finds required local mints to produce gold coins and ingots for shipment to Spain. The initial minted monetary units were of one, two, four, and eight escudo denominations. The escudo was often called a "shield" and equaled sixteen reales of silver. The two escudo piece was called a "pistole," while the four escudo coin was known as a "double pistole," although at first it was sometimes called a doubloon. The large eight escudo coin was called a "quadruple pistole" or, at first, a double doubloon; later it became the coin the English colonists called the Spanish doubloon. Over some 250 years the fineness and weight of Spanish gold coins changed only slightly, attesting to the stability of its value and its function as a standard by which other coins were measured.
Gold was first produced as cobs in 1622 at Santa Fe de Bogotá, Colombia, followed by Mexico City in 1679 and Lima, Peru, in 1696. This gold coinage circulated throughout the English colonies, especially after 1704 when the West Indies adopted a gold standard.
The first milled gold coinage, often referred to as “portrait gold” was minted in Mexico in 1732. The production of gold cobs did continue until 1750, however, after which time they were completely replaced by milled coinage. Both Milled and Cob gold coins were regularly accepted in the early United Sates and was minted in the New World until 1821.
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