8 escudos, Madrid 1635

8 escudos, Madrid 1635

8 escudos madrid 1635

Period: Baroque

Country: Spain

Ruler: Philip IV

Denomination: 8 escudos

Mint: Madrid

Weight: 27,01 g

Quality: XF (EBC)

Auction house: Aureo & Calicó

Date: 25 May 2017

Starting price: 18.000 euros

Historical context

There are many reasons why the 8 escudos on the name of Philip IV from Madrid are so scarce.

  • A huge amount of silver was obtained from America at that time, but not as much gold was collected.
  • The silver and the gold obtained from America was mainly minted in America and not in current Spain.
  • The coins minted in Spain were useful for daily life transactions. In fact, most of the coins issued at that time in the Spanish mints were billion and small silver coins.
  • Most of the few gold coins that were minted in Spain at that time were minted in Sevilla. The reason is that Sevilla was the city were the goods from America firstly arrived.
  • Big gold coins would promote the exportation of gold from Spain to other countries, and this is something that no State would like to happen at that time. In fact, Spanish 2 escudo coins were much more common than Spanish 8 escudo coins.
  • Most of the few coins minted were later on melted.

Market

Even if they are very rare, 8 escudos from Madrid are not as demanded in the international market as the ones minted in Mexico or other American mints. The reason is that American collectors consider the coins from the Spanish colonies as theirs, but they do not feel the same from the coins minted in current Spain. However, it is also true that more and more international collectors are discovering these golden beauties.

Only 2 specimens of 8 escudo coins from Madrid 1635 are known to exist. Both of them are considered unique variants and both of them were sold by the same auction house. One is the specimen that is now in the auction, which was hammered for 11.000 euros in 2007. The other one is a similar variant that belonged to the Caballero Collection and was hammered for 13.500 euros in 2009. We can also take as reference this other coin, which was hammered for 11.000 euros in 2016. However, it is not as beautiful as the one that is now in the auction. All in all, I would consider that 18.000 to 25.000 euros are reasonable hammer prices for the coin in the auction.

Description from the seller

1635. Felipe IV. (Madrid). M. 8 escudos. (Cal. 8) (Cal.Onza falta, sólo publica este año con la ceca vertical) (Tauler 9a, mismo ejemplar). 27,01 g. Muy bella. Precioso color. Ex Áureo Selección 2007, nº 149. Rarísima. ¿Única conocida?. EBC.

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