Unearthing Peru’s Colonial Treasure: The Roll Hunter’s Guide to 2 Reales Pillar Coins

Think you need a professional dealer to uncover numismatic treasures? Think again. For over a decade, sharp-eyed roll hunters have been piecing together one of Spanish colonial collecting’s most satisfying puzzles: the complete date run of Peru’s 2 Reales pillar coinage (1752-1772). Let’s explore how to spot these silver workhorses in the wild and why they offer collectors an unbeatable mix of historical resonance and numismatic value.

Historical Significance: Pillars of Empire

Struck at the Lima mint, these 2 Reales coins formed the financial backbone of Spain’s global empire. Their journey took them from Andean mining towns to Manila’s bustling markets, circulating widely enough that you might still find survivors in estate lots today. What makes them a cherry picker’s dream? Their fascinating transition between monarchs:

• 1750-1759: Scarce Ferdinand VI portrait issues (early dates command premium prices)
• 1760-1772: Charles III issues with intriguing posthumous Ferdinand strikes

“That 1760 issue tells a story of colonial isolation,” observes collector SimonW, who’s nearly completed his date set. “The mint kept striking Ferdinand’s bust for months after his death—news traveled slowly across oceans. Finding a 1760 Ferdinand versus Charles variant feels like touching history’s pulse.”

Identifying Key Markers

Assayer Secrets

Master these diagnostic features to separate common pieces from rare varieties:

• “J” marks: José Rodríguez Carasa’s dominant tenure (1752-1772)
• Transitional marks: JD (1754) and JM (1755-1772) reveal minting shifts
• Die varieties: Broken “V” punches and oversized dates create collectible anomalies

The elusive 1754-JD represents a numismatic mystery. “Domingo Eyzaguirre served as assayer for barely a year,” SimonW muses. “His coins carry that tantalizing ‘what if’ quality—did he resign, or was he replaced? Every JD-marked piece feels like a historical whisper.”

Surface Telltales

When inspecting raw coins, let patina and preservation guide you:

• Expect cleaning—”Nearly 90% of Spanish-sourced pieces show old polish,” dealers report
• Scrutinize rims for plugging (common on holed specimens)
• Prioritize pillar side eye appeal—weak crown strikes shouldn’t overshadow strong central details

Hotspots for Discovery

The Estate Sale Advantage

Seasoned hunters score finds through these channels:

• Spanish estate liquidations: Gold-heavy lots often hide undervalued silver
• Shipwreck consignments: Salvagers frequently overlook “minor” denominations
• Central American bourses: Mexico City dealers sometimes hold surprising inventory

“With these coins, hesitation means heartbreak,” advises forum veteran ELuis. “When you spot problem-free luster under that patina, buy first and celebrate later. Upgrades rarely come calling twice.”

Certification Caveats

Grading makes or breaks market value:

• PCGS details grading often runs stricter than NGC’s standards
• Only 5-11 certified examples exist per date in combined censuses
• VF specimens with original surfaces outperform cleaned AU coins at auction

SimonW’s triumph illustrates this perfectly: “My 1756-JM graded XF45 preserves remarkable rim sharpness—proof that patient cherry picking beats deep-pocketed buying.”

The Ultimate Challenge: 1752-J

The series crown jewel remains the 1752-J, with Brad Yonaka’s research confirming just 208 struck. Census data reveals only five slabbed examples across all services. “Auction appearances follow drought-and-downpour patterns,” notes collector Augustus. “Three sales in thirteen years—then two surface within months.” When SimonW finally secured his, he confirmed: “These don’t just look rare, they feel rare. That first strike year’s mystique is palpable in hand.”

Value Guide: Patience Pays

Market Realities

Recent verified transactions show explosive growth:

• Worn examples (VG): $75-125 (up 40% since 2020)
• Choice VF: $250-500 (especially for Charles III dates)
• Superb XF+: $800-3,000+ for conditionally rare pieces

“My first 2 Reales cost less than dinner in 2010,” SimonW recalls. “Today’s prices prove these aren’t just artifacts—they’re blue-chip numismatic assets with serious collectibility.”

Collecting Strategy

Build your set wisely with these pro tips:

• Accept cleaned coins as temporary placeholders
• Always authenticate raw purchases—expert counterfeits abound
• Target 1760s dates first while hunting earlier rarities

As SimonW’s quest proves: “Five dates still evade me—1752, 1763, 1768, 1769, and 1771. The hunt’s adrenaline makes every flea market dig thrilling!”

The Cherry Picker’s Toolkit

Arm yourself with these essential resources:

• References: Brad Yonaka’s pillar dollar study ($20 PDF—worth every cent)
• Optics: 10x magnification reveals doubled dies and repunched marks
• Networks: Peruvian collector groups on Facebook trade insider knowledge

Conclusion: History in Hand

Peru’s 2 Reales series delivers everything a serious collector craves: tangible history, detective work, and the electric thrill of discovery. As JohnnyCache observed in SimonW’s collection thread: “Your set showcases the perfect marriage of scholarship and passion.” Whether you’re sifting through Barcelona estate coins or Mexican market finds, each surviving piece carries the weight of empire—a silver artifact minted when Spain ruled the New World. For those willing to embrace the challenge, these colonial relics promise decades of rewarding pursuit and the incomparable joy of holding history’s silent witnesses in your palm.

“When it rains it pours!” – SimonW on the beautiful chaos of the hunt

Related Resources

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