How to Spot Rare Errors on Latin American Pillar Coinage

The Thrill of the Hunt: Unearthing Rare Coin Varieties

Most collectors walk right past the subtle details that can transform an ordinary coin into a treasure worth thousands. As an error coin enthusiast, I’ve discovered that the difference between a $20 coin and a $2,000 coin often comes down to millimeters of spacing, a faint die crack, or a mint mark variation that only reveals itself under magnification.

Exploring Pillar Coinage Varieties

The pillar coinage from Guatemala, Bogota, Lima, Potosi, and Santiago mints (1751-1772) represents one of the most fascinating areas for variety hunting. These coins were produced during a transitional period in colonial minting, and the variations that occurred are both numerous and valuable.

Key Error Types to Identify

When examining these coins, several specific errors and varieties command premium prices:

Die Cracks

Die cracks appear as raised lines on the coin’s surface where the die has begun to deteriorate. On pillar coinage, these often manifest around the pillars, crown, or lettering. A pronounced die crack can increase a coin’s numismatic value by 50-200% depending on its visibility and location.

Double Dies

Double die errors occur when the die itself is struck more than once during its creation, causing a doubled image. Look closely at the lettering, especially in “LIMA” or “POTOSI” – slight doubling in the serifs or vertical strokes indicates a valuable variety.

Mint Mark Variations

The placement and style of mint marks varied significantly even within the same year. Some of the most valuable varieties include:

• Wide letter spacing in legends
• Dot above the “L” in “LIMA” (1753 variety)
• Variations in the “PL” monogram
• Different crown styles above the pillars

Specific Date Rarities

Based on collector experiences, certain dates are exceptionally rare:

“The top rarest 1 reales from Peru 1751-1772 are the unique 1751 (impossible date really most do not count it in the set) – 1752 – 1760 Carolus – 1766 – 1767 – 1768 and 1772.”

Identifying Key Markers

When examining potential specimens, use this checklist to identify valuable varieties:

Visual Inspection Under Magnification

Always examine coins under at least 10x magnification. Key areas to inspect include:

• The space between letters in “LIMA” or “POTOSI”
• The pillars for any doubling or die cracks
• The crown details for variations in design
• The edge for any reeding or edge lettering variations

Condition Considerations

Even rare varieties in lower grades can be valuable. As one collector noted about a 1768 specimen: “Mine is roughly a VG which I think is eligible for a numerical grade (old cleaning but not holed or damaged) but it’s not a particularly nice one.”

Notable Rarities by Date

Based on collector reports, here are the most significant rarities to watch for:

1751

Considered unique and “impossible” to find. Most collectors don’t even include it in their sets due to its extreme rarity.

1752

“Maybe 10-20 exist” according to experienced collectors. Despite a reported mintage of over 400 pieces, this date is exceptionally scarce.

1760 Carolus

Unique per most references, though some believe others may exist. This variety features the Carolus bust rather than the standard design.

1766, 1768, 1772

These dates are puzzlingly rare despite high mintages. One collector observed: “Why are 1766-1768-1772 so rare when so many were minted over 100,000 for the first two dates and over 60,000 for the 1772 no one really knows.”

Value Guide

Values for these varieties can vary dramatically based on condition and specific variety. Here’s what collectors have reported:

Common Dates

The 1757 is considered the most common date in the series. Even common dates in excellent condition can command premium prices.

Scarce Dates

Dates like 1753-1757 are described as “relatively common, potentially a Judd R-1 with over 1,250” in total population, but high-grade examples remain valuable.

Rare Varieties

The 1752 in any grade is exceptionally valuable. One collector noted seeing only 2 examples in 2 years of searching. The 1768 is similarly elusive – “the date I have seen the least of is the 1768 (only one I was able to purchase).”

Authentication Tips

When evaluating potential rarities, consider these authentication tips:

Weight and Dimensions

Authentic pillar coinage should match standard specifications. Any significant deviation warrants closer examination.

Surface Characteristics

Look for signs of casting or modern tooling. Authentic coins will show appropriate wear patterns and metal flow characteristics.

Die Characteristics

Compare your specimen to known examples. Minor variations are normal, but dramatic differences in design elements may indicate a counterfeit.

Where to Find These Rarities

Based on collector experiences, these rarities occasionally appear in:

Auction Houses

Sedwick Auctions has featured notable selections. One collector reported winning “two 1R, the 1765 and the 1758 XF-45” from a recent auction.

Online Marketplaces

eBay occasionally lists rare specimens, though authentication can be challenging. One collector found a holed 1767 example this way.

Private Transactions

Forum members and specialized dealers sometimes offer rare specimens. Building relationships in the collecting community can lead to opportunities.

Contributing to Numismatic Knowledge

Author Brad Yonaka is working on a second edition of his variety guide and actively seeks images of new varieties. His email (acanthite@live.com) is available for collectors who discover previously undocumented varieties.

Documentation Importance

Proper documentation of your discoveries is crucial. High-resolution images from multiple angles, weight measurements, and detailed descriptions help establish the legitimacy of new varieties.

Conclusion

The world of Latin American pillar coinage varieties offers tremendous opportunity for discovery. While common dates are relatively accessible, the rare varieties represent the true challenge and reward of this specialty. Whether you’re searching for the elusive 1751, the puzzlingly rare 1768, or simply trying to identify a valuable die variety on a common date, patience and attention to detail are your greatest assets.

Remember that even coins with condition issues can be valuable if they represent rare varieties. As one collector noted about a problematic 1766 specimen: “For what it is it’s fairly attractive though.” The key is recognizing rarity when you see it, regardless of condition.

Happy hunting, and may your next common-looking coin turn out to be the rare variety you’ve been searching for!

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