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Spanish Colonial Junk Silver: What Would You Do?

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Pillar of the Community
jfransch's Avatar
United States
1801 Posts
 Posted 10/02/2009  11:30 am  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
The duplicates are not as impressive when taken in perspective. Lots of them are a result of purchasing low grade examples when I was young and just starting out and then having to upgrade to better ones as my knowledge increased. I also was in the right place at the right time when certain dealers were bringing back bags full of portraits and resplandores from overseas and they were selling them cheap (slightly over their silver value at the time) to recover their investment quickly. I used to be allowed to spend hours cherry picking through them before they were "bulk sold" to other dealers. If only I had known then what I know now, I would have an amazing collection. As it is, I am missing about 5 Mo mintmark 8 reales (and some of the more obscure over dates) between 1732 and 1897, but I let most of the other mints slip through my fingers when I could have been setting aside the better examples.
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Archraz's Avatar
United States
3499 Posts
 Posted 10/02/2009  11:57 am  Show Profile   Bookmark this reply Add Archraz to your friends list Get a Link to this Reply

Quote:
I also was in the right place at the right time when certain dealers were bringing back bags full of portraits and resplandores from overseas and they were selling them cheap (slightly over their silver value at the time) to recover their investment quickly. I used to be allowed to spend hours cherry picking through them before they were "bulk sold" to other dealers.


Wow, when was this? I know that appreciation for and the value of 8's has risen over the years (and I do have an old Max G Mehl catalog from the 1920s where portrait 8s are listed as being worth 75 cents)but it just strikes me as amazing to think of there being bags of such coins, not to mention being allowed to sift through them.
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snowman's Avatar
United States
1840 Posts
 Posted 10/02/2009  2:34 pm  Show Profile   Bookmark this reply Add snowman to your friends list Get a Link to this Reply
I know I'm a little late here, but I could never melt coins like these. If you think about it, coins like this were the original continental currency. The lower mintage ones would have been the most likely to see circulation. To me, that is just too much history there to make into a place setting or picture frame. I'd gladly stand second in line to buy these off of you if it meant they would avoid destruction. Heck, I'd even pay a premium over melt.
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jfransch's Avatar
United States
1801 Posts
 Posted 10/02/2009  9:02 pm  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
Archraz
In the mid 70's to mid 80's I was able to look through circulated bulk lots of anywhere from 100-500 8s at a time and pick out the ones I wanted. Pillars were $50-$100, busts were in the 12-25 dollar range and resplandores were $7-$8 apiece. I was working full time in a grocery store, single and buying all the 8s I could afford. I sold off a large portion of my "accumulation" to get the down payment for my first house but other than that I haven't really sold any of the coins. It was a fun period. I hope to have time to go into the vault some afternoon (I work at the bank but never find the time) and pull out a gaggle of resplandores and check them all for fakes, now that I am a student of the "Swamperbob School of Fake Coin Detection". When I was buying them I rang them for the silver sound and glanced at the edges but didn't really check that carefully. I am hoping I will find some fakes, they are more interesting than some of the real ones.
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Archraz's Avatar
United States
3499 Posts
 Posted 10/02/2009  9:45 pm  Show Profile   Bookmark this reply Add Archraz to your friends list Get a Link to this Reply
jfransch- WOW! That is amazing that bulk lots like that were on the market. From where did these lots originate? Hoards in Spain, Central America, or other areas of the world where they freely circulated? If you ever do get a chance to dig through some of your 8s, I would love to see any possible fakes or other interesting examples. I must say that as a fellow student of the "Swamperbob School of Fake Coin Detection" and 8R lover I am rather embarrassed to ask as to what a "resplandore" is. I just always presumed that it was a Cap & Ray 8 or one of the 8s issued after 1821 in Mexico but before the aforementioned design was produced. Am I right about this?
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jfransch's Avatar
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1801 Posts
 Posted 10/02/2009  10:07 pm  Show Profile   Bookmark this reply Add jfransch to your friends list Get a Link to this Reply
Resplandores are "cap and ray" style 8s from Mexico 1823-1897 (with a few breaks). Pillar dollars are "Columnarios" and Bust or Portrait dollars are called "Bustos". One thing collecting these has motivated me to do is learn to read Spanish because many of the dealers speak only Spanish and some of the auction catalogs and reference books I have are in Spanish.
Most of the hoards I went through were either coming out of Mexico/Central America or from China and the Phillipines. Metal detectors were becoming popular and lots of hoards were being uncovered in Mexico that were buried during the revolution and never recovered by the deceased owners.
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Archraz's Avatar
United States
3499 Posts
 Posted 10/02/2009  11:01 pm  Show Profile   Bookmark this reply Add Archraz to your friends list Get a Link to this Reply
jfransch- Thanks for the info regarding terminology. That must have been thrilling to dig through those bags. I just wish that I had been on the numismatic scene back in those days.

Just out of curiosity, when was it that Spanish Colonial 8s actually started to really become popular with collectors? I have just seen so many books from the 1920s- the 1950s which really just gloss over them or list them as being worth virtually their bullion value.
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