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Spanish Colonial Silver Cobs

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Valued Member

United States
131 Posts
 Posted 03/07/2019  08:41 am Show Profile   Bookmark this topic Add econrad to your friends list Get a Link to this Message Number of Subscribers
Good morning,
Below are Cobs I have the opportunity to make an offer on.
I don't know much about them. My plan if I get them would be to keep the best and sell the rest. I know they have already received an offer from a local dealer. Just hoping someone with knowledge about these pieces can let me know what they think is a fair offer. Thanks!

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Spanish-Colonial-Silver-Cobs
Spanish-Colonial-Silver-Cobs

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Spanish-Colonial-Silver-Cobs
Spanish-Colonial-Silver-Cobs

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Spanish-Colonial-Silver-Cobs
Spanish-Colonial-Silver-Cobs

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Spanish-Colonial-Silver-Cobs
Spanish-Colonial-Silver-Cobs
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thq's Avatar
United States
3343 Posts
 Posted 03/07/2019  7:21 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
They look real to me and I'd say they're worth about $200-300 each, assuming they're all 8R's. I like #2 the best on account of the cross-side details. Nice, chunky, crude pieces. There's part of a date on #4, but I can't see anything on the others.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
03/07/2019 7:30 pm
Valued Member
Spain
125 Posts
 Posted 03/08/2019  04:25 am  Show Profile   Bookmark this reply Add txabs to your friends list Get a Link to this Reply
That's why I don't like questions like "How much should I pay for this coin?, I don't know much about it"

I can tell you I would not pay 200-300$ for an 8 reales with no visible date and saltwater damage, you don't even know which reign they belong :(... but this is very personal, I'm not telling @thq he is wrong, I'm just saying I would not pay that price.

Regards
Valued Member
United States
131 Posts
 Posted 03/08/2019  08:39 am  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply
Thanks for both the replies. @txabs Here I was thinking $200 per coin was going to be a fair offer. @thq They are all 8 reales & the quick research I put in showed me that they would sell for between $250-$600 on the high end. The ones that I've seen sell for $250-300 look no different to me than some that have sold for close to $600. Also, I forgot to mention they claim these came from the Lacayan Beach wreck.

Lacayan Beach wreck sunk ca. 1628 off Grand Bahama Island
Since the accidental discovery in 1964 of around 10,000 silver cobs (dated up to and including 1628) in 10 feet of water just 1,300 yards from the Lucayan Beach Hotel, the mystery of identifying the lost vessel has never been solved. Because of the date, popular opinion associates the wreck with the taking of the Spanish 1628 Fleet in Matanzas Bay, Cuba, by the Dutch pirate and national hero Piet Heyn, who reported losing two of the vessels on the way back to Europe. Three names proposed for the ship(s) by various sellers over the years were the Van Lynden, the Santa Gertrude (or Gertrudis) and the Romario, with scant evidence to support any of the attributions. Spanish archival research uncovered a new name—Nuestra Señora de los Remedios, sunk in that general area in 1624, but a quick check of auction catalogs confirms that some of the recovered coins were clearly dated later than that. A more recent (1990s) recovery off the Lucayan Beach turned up similar material—but no further clues as to the ship's (or ships') identity. Practically all of the coins have been Mexican 8 and 4 reales of the assayer-D period, some in quite nice condition and a few with clear dates, which of course are rare. Expect to pay a modest premium for specimens in white clamshell boxes produced by Spink & Son (London) in the 1960s for a promotion that capped off years of disagreements between the salvagers, their backers and the Bahamian government.

Just don't know the current market and I would love to acquire them. Any additional help would be much appreciated. Make it a great day!
Valued Member
United States
131 Posts
 Posted 03/08/2019  09:07 am  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply
Provenance

Spanish-Colonial-Silver-Cobs


Spanish-Colonial-Silver-Cobs
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jgenn's Avatar
United States
1156 Posts
 Posted 03/08/2019  4:47 pm  Show Profile   Bookmark this reply Add jgenn to your friends list Get a Link to this Reply
I would call this anecdotal provenance since is it impossible to accurately associate any of those possibly genuine cobs with those documents. If you can establish that any of those cobs are probably genuine then, in my opinion, you have derived the maximum value. How much additional value you can generate with this anecdotal provenance is another matter.
Valued Member
United States
131 Posts
 Posted 03/10/2019  08:46 am  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply

Quote:
I would call this anecdotal provenance since is it impossible to accurately associate any of those possibly genuine cobs with those documents.



I'm prepared to offer them $800 for the lot. I have printed off a recent sale from ebay to show them what they retail for.
https://www.ebay.com/itm/Spanish-Am...047675.l2557
Valued Member
United States
131 Posts
 Posted 03/10/2019  09:26 am  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply
The people who own the cobs informed me that they have other articles explaining that they were the recipients of these pieces. Also, the other articles actually list their names & have pictures of them receiving these four pieces. I'm assuming this will help with the overall provenance. Any other suggestions to help me add some relevance to the provenance? I was thinking about having them write a letter stating they have agreed to sell these pieces to me. I look forward to hearing any other thoughts or suggestions.
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jgenn's Avatar
United States
1156 Posts
 Posted 03/10/2019  1:09 pm  Show Profile   Bookmark this reply Add jgenn to your friends list Get a Link to this Reply
Why not take your $800 and spend it in Dan Sedwick's next auction on the best 8 reales cob you can get with clear date and mintmark and solid provenance? You'll have a significant historic article and you can reference your auction result when you sell it in the future.
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thq's Avatar
United States
3343 Posts
 Posted 03/10/2019  4:08 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
I'm not a buyer, and the prices I gave are fairly high retail based on similar ones Sedwick is currently selling.

These coins look like the real deal though. Chunky and crude, with typical surface fissures and edges. If these are fakes they're really good ones.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
03/10/2019 4:23 pm
Valued Member
Spain
125 Posts
 Posted 03/10/2019  6:30 pm  Show Profile   Bookmark this reply Add txabs to your friends list Get a Link to this Reply
First of all, I don't think they are fakes. As you know, the price of a cob depends on many factors. Conservation, quality of minting, how many data are visible... Those which econrad are showing us has mint and assayer, that is good... but none of them has even a visible date. We don't even know which reign they belong. They have saltwater damage... they are damaged coins.

What makes you think you can sell them at same price than one of the most well reputated experts in the whole world in cobs and shipwrecks do? Could you offer same services, guarantee and prestige Mr Sedwick offers his clients? Would you pay the same price for a coin to me (a collector you don't even know) than to Heritage, Stack's or Sedwick?

I'm with jgenn here... A paper does not probe anything (and as I said before, I don't think it's fake).

Regards!
Valued Member
United States
131 Posts
 Posted 03/10/2019  6:48 pm  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply
@ jgenn I was thinking the same thing, but if I could get them for a reasonable price I could sell three & maybe keep one, or sell them all. I checked Sedwicks and the only 8 reales I saw was the Lucayan Beach - 8 Reales, fourth one down, with certification of course, which sold for $595.

https://www.newworldtreasures.com/otherwrecks.htm

Would you say $600 is a better offer since they aren't certified?
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jfransch's Avatar
United States
1801 Posts
 Posted 03/10/2019  6:48 pm  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
Interesting letters regarding the coins, however without a photo on "certification" of the actual coin or coins, that letter could apply to any 4 cobs someone had in their possession (I am not implying anything on your part, just pointing out the situation). I have a good number of cobs in my collection, many showing signs of salvage with no "paper trail" to link them to any specific wreck, and many with paper certs that attribute them to specific wrecks. But all of the certs that I have include a picture of the coin being certified in order to properly document the coin.
Those are 4 nice cobs you have there and I am sure you will find buyers when you offer them for sale, depending on the price of course. The letters will add to the value because they are interesting.
I dove with Crossed Anchor Salvage for several summers, this is what their certs look like.
Spanish-Colonial-Silver-Cobs
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thq's Avatar
United States
3343 Posts
 Posted 03/10/2019  7:44 pm  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
txabs I've bought better Mexican 8R's than this for $200. I'm not here to argue, just to give the OP an idea of what he has at a retail price. In this condition authenticity is critical, not which wreck they came from. There are ebay sellers asking a lot more for dubious cobs in worse shape. A cursory search showed undated 8R ebay BIN's starting in the $250-300 range, higher than Sedwick.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
03/10/2019 7:54 pm
Valued Member
Spain
125 Posts
 Posted 03/11/2019  07:52 am  Show Profile   Bookmark this reply Add txabs to your friends list Get a Link to this Reply

Quote:
txabs I've bought better Mexican 8R's than this for $200. I'm not here to argue, just to give the OP an idea of what he has at a retail price. In this condition authenticity is critical, not which wreck they came from. There are ebay sellers asking a lot more for dubious cobs in worse shape. A cursory search showed undated 8R ebay BIN's starting in the $250-300 range, higher than Sedwick.


Sorry if it seems that I seek to argue. Just like you, I'm just giving econrad a point of view. A coin in my hands, or in yours will never cost as much as one on Sedwick's hands... so he has to be careful and accurate with his offer, because there is a posibility to lose a lot of money :(.
Valued Member
United States
131 Posts
 Posted 03/11/2019  10:31 am  Show Profile   Bookmark this reply Add econrad to your friends list Get a Link to this Reply
Thanks all!
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