Peru 1711-L M 2 reales
This specimen was lot 531 in Sedwick Treasure Auction 27 (Winter Park, FL, May 2020), where it sold for $714. The catalog description noted, "Lima, Peru, cob 2 reales, 1711/0M, very rare. Full pillars with bold full date (clean 711), nearly full but slightly off-center cross with second date below (clear 711/0, unlisted in any reference), nicely toned VF with small edge-split." Despite pleas from locals in Lima for a mint, Spanish authorities preferred to concentrate coinage production at Potosi in Upper Peru. The mint was shuttered multiple times by orders from Spain, not to reopen permanently until 1684. Cob two reales were struck at the Lima mint 1701-46 for Philip V of Spain and became the "two bits" of pirate lore. The fineness was lowered from 0.931 to 0.917 in 1725. The Mexico City mint was converted to milled coinage in 1732-34 but Lima would not follow suit until 1751.
Recorded mintage: unknown.
Specification: 6.77 g, .931 fine silver, this specimen 6.43 grams.
Catalog reference: S-L20; KM-32 for type; Cal-unl., Cayón-8652.
- Michael, Thomas, Standard Catalog of World Coins, 1701-1800, 7th ed., Iola, WI: Krause Publications, 2016.
- Cayón, Adolfo, Clemente Cayón and Juan Cayón, Las Monedas Españolas, del Tremis al Euro: del 411 a Nuestros Dias, vol. 1, Madrid: Cayón-Jano S.L., 2005.
- Calicó, Xavier, Numismática Española: Catálogo General con Precios de Todas las Monedas Españolas Acuñadas desde Los Reyes Católicos Hasta Juan Carlos I, 1474 a 2001, Barcelona: Aureo & Calicó, 2008.
- Menzel, Sewall, Cobs, Pieces of Eight and Treasure Coins, New York: The American Numismatic Society, 2004.
- Sedwick, Daniel Frank, Augi Garcia and Cori Sedwick Downing, Treasure Auction 27, Winter Park, FL: Daniel Frank Sedwick LLC, 2020.