PHILIPPINES. Philippines - Philippines - Peru. 8 Reales, ND (1834-37). PCGS VF-30 Gold Shield; Countermark: XF Details.
KM-A139; Basso-43; cf. PNM#16-375. Issued by Decree of 20 December 1834, Suppressed 31 March 1837, by Decree of 1 February 1836. Type VI countermark, crowned Y.II. within circle. On an 1827-LIMA JM Peru Republic 8 Reales. A VERY RARE and highly sought after issue exhibiting Y.II. countermarks over both sides of the perforation with a previous F.7.0 in the center of the obverse. The previously applied F.7.0 is deep, bold and clear, the Y.II. at 12 clear with partial obstruction from the perforation while the Y.II. on the reverse is weak and somewhat muddled. A nice wholesome survivor of the type displaying light gray tone in the open fields and atop of the devices complemented by a light iridescent sheen with richer coloration in the protected areas. On 27 August 1834, a decree was issued stating that pierced coins were no long acceptable legal tender. This did not sit well with the local populace and nearly caused an uprising. Due to the disgruntled locals, the government at Manila issued the 4 September 1834 decree where holed coins with countermarks over both sides would again become legal tender. When the 4 September decree was issued it was specific in that the countermarks were to be applied over both sides of the perforations. Occasionally examples can be found where the countermark was only applied over only one side of the perforation.
Ex: Money Company Auction (6/1979) Lot # 643 (with lot ticket). Plated in Monetario De Las Islas Filipinas pg. 13 by Angelita G. de Legarda and Jose P. Bantug published by Banco Central de Filipinas, Manila 1979.
Estimate: $7000.00- $10000.00