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Guinea-Bissau Coins 1977

 
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Author Previous TopicReplies: 13 / Views: 444Next Topic  
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Russian Federation
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 Posted 07/27/2021  3:37 pm Show Profile   Check Slerk's eBay Listings Bookmark this topic Add Slerk to your friends list Get a Link to this Message
I just won 3/5 coins of Guinea-Bissau 1977 graded BU. I just want to share my purchases here and hear what you think about it. Unfortunately, I missed 2 coins.






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United States
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 Posted 07/27/2021  5:27 pm  Show Profile   Bookmark this reply Add Spence to your friends list Get a Link to this Reply
@slerk, these are great pick-ups. Are these part of a OFEC collection for you?
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 Posted 07/27/2021  8:07 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
I had to buy my Guinea-Bissau coins off eBay, way back in the day, because local dealers simply didn't have any. They're much harder to find than their relatively low catalogue value would imply.
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 Posted 07/27/2021  9:31 pm  Show Profile   Bookmark this reply Add swamperbob to your friends list Get a Link to this Reply
Interesting a former Portuguese colony using a Peso denomination. Do you happen to know why?

I wonder if the dearth of examples of the coinage in particular in the US is due simply to the Marxist orientation of the country and it's treatment of local soldiers who fought with Portugal against the revolutionaries. I personally find it reprehensible that the winners slaughtered over 7,700 former soldiers after peace was proclaimed. It is not a country I would want to be associated with.
My book on Counterfeit Portrait 8Rs is available from Amazon https://www.amazon.com/Counterfeit-.../1500497177/ or from me directly if you want it signed.
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 Posted 07/27/2021  11:45 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
The Guinea-Bissau peso was originally issued at parity with the Portuguese colonial escudo, but the country suffered prolonged inflation due to the ongoing civil wars and unrest; the coins became obsolete almost as soon as they were issued and saw very minimal circulation, with paper money used for all everyday transactions.

As for the name "peso", it's probably an "anti-everything-Portuguese" thing, in line with the anti-colonial dogma at the time; Portugal never had a coin named the "peso", so the name wasn't "tainted by colonialism". Not entirely unlike the former French colonies that changed the name of their currency from "franc" to whatever local name was deemed appropriate. In nearby Cape Verde, the revolutionary anti-Portuguese feeling was never as strong, and post-independence Cape Verde continues to use the "escudo" - now that Portugal itself has switched to the euro, Cape Verde is the last escudo-using country in the world.

Meanwhile, Guinea-Bissau remains dirt-poor, with its mostly agricultural economy reliant on exports to Asia. In 1997, the country gave up trying to issue its own currency, and joined the West African States monetary union - which apart from Guinea-Bissau comprises former French colonies, and uses the "franc".
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Russian Federation
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 Posted 07/28/2021  04:52 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
I still don't understand why these coins are so expensive. The mintage don't look too small. For my coins, these are: 6,000,000; 7,000,000; 2,500,000. Does anyone know why their cost is so high and why they are rare?
@Sap,Thank you for the story.
UPD: As soon as I receive my coins, I will display them here again.
Edited by Slerk
07/28/2021 09:00 am
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 Posted 07/28/2021  7:03 pm  Show Profile   Bookmark this reply Add swamperbob to your friends list Get a Link to this Reply

Slerk Putting two and two together, since the coins did not circulate long because of inflation - the bulk of the entire mintage may have been melted and sold or otherwise destroyed.

Mintage figures can be very unreliable as estimates of rarity for issues that were quickly demonetized. Who keeps large numbers of worthless coins.
My book on Counterfeit Portrait 8Rs is available from Amazon https://www.amazon.com/Counterfeit-.../1500497177/ or from me directly if you want it signed.
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 Posted 07/28/2021  10:49 pm  Show Profile   Bookmark this reply Add Numister to your friends list Get a Link to this Reply

Quote:
Who keeps large numbers of worthless coins.


We Guys
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 Posted 07/30/2021  02:44 am  Show Profile   Bookmark this reply Add newguy22 to your friends list Get a Link to this Reply
Just out of curiosity, how much do these go for?
Valued Member
Russian Federation
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 Posted 07/30/2021  03:50 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply

Quote:
how much do these go for?

I paid about $ 19 for all 3 coins
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Russian Federation
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 Posted 08/04/2021  11:58 am  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
Today I received a parcel with coins. As promised here are these three coins

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Valued Member
Russian Federation
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 Posted 08/27/2021  3:31 pm  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
I was able to purchase another coin in the collection not BU, of course, but the condition is also very good.



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