It makes me wonder what time period would have made it lucrative to fake such a coin.
Um, how about right now? Take a $30-40 coin (or better yet, a really low-grade, cull bin example), cut some metal out, hide your work well and you have a several hundred dollar piece.
They've been doing this for decades of milled shield 1/2R, 1R, and 2R with fake Azores "GP" counterstamps - and that's a much less valuable issue (the genuine ones).
Anyway, back on point, just look at the variety in stamps (and auction attributions). Note that ACsearch doesn't capture the category AKA country... you can search Heritage
's archives directly under each country - Gibraltar, Dominica, Martinique, to see how they have been catalogued:https://www.acsearch.info/search.ht...category=1-2
So there are versions with a larger cutout displaying a distinct patterned-border... and others with (generally smaller, though the size varies) simpler cutouts of varying quality. Pridmore apparently catalogues two observed variants of the latter as Type I and Type II, and then two obvserved variants of the former as Type III and Type IV. Pistareen noted in his post that this piece in question would fit under Type I.
It seems that the Type III and IV pieces with the larger, more intricate patterned-border cutouts seen in the archives are consistently COLONIAL reales... while "most" with the smaller, simpler Type I or II cutouts are homeland shield types (though a few Colonial types with these are observed, interestingly).
The simpler Type I and Type II cutouts in particular are really ALL over the place in terms of shape and workmanship. Truthfully, no two of them look identically done to my eyes.
The DNW site is, of course, down for maintenance right now. Their two auctions I mentioned above (Roehrs and Lyall) are useful references, along with of course Ford, Pridmore, etc. However, here are some auction descriptions that provide info on the most current thoughts on these... Lyall (of collection noted above) seems to be running point on this:https://www.acsearch.info/search.html?id=7290952
Bob Lyall ("Gibraltar Hearts," in NumCirc XCV.6 [December 2007], pp. 306-308) reattributes the Type I and II heart-shaped cut coins, previously assigned to Dominica or Martinique, to the British possession of Gibraltar. Two particular pieces of textual evidence inform this reattribution - a 1748 first-hand account of circulating silver coins with a heart shaped bit removed, and a 1749 order prohibiting the circulation of cut or damaged Spanish coins. Lyall also notes that the dates appearing on the Type III and IV issues are too late for the same attribution to Gibraltar, and the author initially confirmed their attribution to Dominica. Private communication with the author indicates that newly uncovered documentary evidence suggests these later types were also struck in Gibraltar circa 1760.
An issue traditionally attributed to Martinique (as in the Standard Catalog of World Coins) and Dominica (Pridmore pp. 308-309 describes an act of 1798 raising the value of the "Old Spanish milled dollar with a hole in the shape of a heart" from 10 to 11 bits), heart-shaped pierced coins of Pridmore Types I and II are now solidly attributed to Gibraltar following Bob Lyall's research. It is probable that the Type IV cut, as upon the present example, also originated from Gibraltar.
Then from a Stack's example:https://auctions.stacksbowers.com/l...ptember-1798
Recent research published in 2007-2008 by Bob Lyall suggests reclassification of this issue as originating in Gibraltar. In 1762 upon their withdrawal from circulation in Gibraltar, it is believed a portion of this emission was exported to Dominica and entered circulation there.
In thinking about this - and I'm guessing Lyall has noted this - it would make a heck of lot of sense if the Type I and II pieces were in fact done in Gibraltar, given that most are on homeland Spain issues (which obviously would have been very common in Gibraltar, an enclave attached to Spain... but not used nearly as much in the West Indies, particularly any coins dated after 1725 or so).
However, to me, the Type III and IV cutouts, appearing seemingly exclusively on Colonial issues, would perhaps more sensibly have originated in the Americas... but that's pure speculation.