Finding Rare Peru Pillar Coin Varieties in the Wild: A Cherry Picker’s Guide

Historical Significance

The pillar coinage of Latin America from 1751-1772 represents a captivating chapter in numismatic history. These coins, minted at the Guatemala, Bogota, Lima, Potosi, and Santiago mints during Spanish colonial rule, offer collectors a tangible connection to the economic systems and colonial craftsmanship of the era. The humble 1 real denomination, though small, provides a window into this fascinating period.

Identifying Key Markers

When searching through circulation or bulk lots for these rare varieties, several key markers can help identify potentially valuable specimens:

Date Range and Mint Marks

The most critical dates to look for are 1751-1772, with certain years being exceptionally rare. Pay close attention to the mint mark – for Peru coins, look for the “LIMA” designation. The “LIMA” mint mark indicates these were struck at the Lima mint in Peru, a crucial detail for collectors seeking specific varieties.

Varietal Differences

Wide letter spacing is one notable variety mentioned by collectors. The 1757 Lima Real with wide letter spacing is specifically referenced as a variety that has been documented. Other varieties include differences in the placement of letters and design elements, which can significantly impact a coin’s collectibility and numismatic value.

Condition Indicators

Look for coins in XF+ to AU condition, as these are the grades most commonly found among the rare dates. Even coins with some cleaning or minor damage can be valuable if they represent rare dates or varieties. The luster and strike of these coins, even in circulated condition, can provide clues to their authenticity and potential value.

Value Guide

The value of these coins varies dramatically based on rarity, condition, and variety. Here’s what collectors have observed:

Rarest Dates

According to experienced collectors, the rarest 1 reales from Peru 1751-1772 are:

• 1751 – Unique (considered impossible date)
• 1760 Carolus – Unique (may be others)
• 1766 – Extremely rare (at least 3 known)
• 1768 – Rarity 3 (at least 5 known)
• 1772 – Rarity 3 (at least 5-6 known)
• 1767 – Two types, one rarity 2 and one rarity 3

Scarce Dates

1752 is considered extremely scarce, with estimates ranging from 10-25 surviving specimens. Despite a reported mintage of over 400 coins, these rarely appear on the market, making them highly sought after by collectors of Latin American coinage.

Common Dates

1757 is noted as the most common date in the series, though “common” is relative when discussing coins from this era. Even common dates in mint condition can command premium prices due to their historical significance and the overall rarity of coins from this period.

Market Performance

Recent auction results show strong demand for these coins. A 1766 in circulated condition sold for $660 at auction, with collectors noting that opportunities to acquire these rarities come infrequently – sometimes years apart. The market for these coins continues to be robust, driven by their historical importance and scarcity.

Circulation Finds and Bulk Lots

Finding these rarities in circulation or bulk lots requires patience and knowledge. Here are strategies that have worked for collectors:

Bulk Lot Hunting

Many collectors have found valuable specimens in mixed lots from estate sales, coin shops, or online marketplaces. One collector found a 1768 in a group lot that appeared to be VG grade but potentially eligible for numerical grading. The thrill of discovering a rare variety in an unexpected place is a significant part of the appeal for many collectors.

Estate Sales

Estate sales have yielded some of the rarest finds. Coins that have been in family collections for generations sometimes surface at these sales, often unrecognized for their true rarity. Estate sales can be treasure troves for collectors willing to do their homework and recognize the potential in overlooked pieces.

Online Marketplaces

Platforms like eBay have been sources for both common and rare varieties. One collector found a holed 1767 that still had “very nice details” despite the damage. Online marketplaces have opened up new avenues for collectors to find rare specimens, though they require careful authentication and knowledge of what to look for.

Cherry Picking Strategies

Successful cherry picking requires understanding which varieties are most valuable:

Wide Letter Spacing

The 1757 Lima Real with wide letter spacing is specifically mentioned as a variety to watch for. When you encounter 1757 dated coins, examine the spacing between letters carefully. This subtle difference can significantly impact a coin’s value and collectibility.

Dot Varieties

The 1753 with a dot on top of the “L” is another variety mentioned by collectors. These subtle differences can significantly impact value, making it crucial for collectors to familiarize themselves with the various die varieties that exist within this series.

Condition vs. Rarity

Even low-grade examples of the rarest dates can be worthwhile acquisitions. Several collectors mentioned purchasing holed or cleaned examples of rare dates because the rarity outweighed the condition issues. For truly rare specimens, even coins in poor condition can be valuable additions to a collection.

Authentication and Research

Before making significant purchases, consider these authentication steps:

Reference Materials

Brad Yonaka’s guide to pillar coinage is the standard reference for these coins. The upcoming second edition is expected to include new varieties discovered since the first edition. Having access to the latest reference materials is crucial for serious collectors of this series.

Community Knowledge

Engaging with collector communities can provide valuable insights. Several collectors mentioned sharing images and information to help identify varieties and authenticate finds. The numismatic community is often generous with knowledge, and tapping into this collective expertise can be invaluable.

Professional Authentication

For potentially valuable specimens, professional authentication from services like NGC or PCGS is recommended, especially for coins you believe might be among the rarest dates. Professional grading can provide assurance of authenticity and condition, which is particularly important for high-value specimens.

Conclusion

The pillar coinage of Latin America from 1751-1772 offers collectors both challenges and rewards. While the rarest dates like 1751, 1760, 1766, and 1768 are exceptionally difficult to find, patient collectors have successfully acquired these rarities through careful searching of bulk lots, estate sales, and online marketplaces. The upcoming second edition of Yonaka’s guide may reveal even more varieties to look for. Whether you’re searching through a dealer’s junk box or bidding on an online auction, knowing what to look for can make the difference between finding a common date and discovering a numismatic treasure worth hundreds or even thousands of dollars. The hunt for these rare varieties continues to captivate collectors, offering the thrill of discovery and the satisfaction of preserving a piece of colonial history.

Related Resources

You might also find these related articles helpful:

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