Colonial Potosi, Bolivia shield 1/4 real silver cob, Philip II, assayer B #6020

Description

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SedwickCoins
Description:
Potosi, Bolivia, cob 1/4 real, Philip II, assayer B  (2nd period) to left, mintmark P to right, rare.
Bold B-P, full castle and lion, Fine with uneven toning, somewhat crude and holed near edge, pedigreed to our Auction #7 (lot #1058).
weight: 0.62 grams.
Code: g081504146020
Few people realize that Spanish colonial coinage from the New World was the coin of the realm not just in Spanish colonies but also in English colonies like America until the mid-1800s. Spanish pieces of eight in particular made up the majority of coinage during the colonial period, and most contracts called for payment in Spanish “milled dollars,” the successor to the eight-reales coins. Perhaps half of the coins in use in colonial America were Spanish reales.
The North American colonies formed their union in 1776. By a law of April 2, 1792, the U.S. dollar of 100 cents was created (and first coined in 1794) to be of silver and of weight and fineness approximating the Spanish American piece of eight, or Spanish milled dollar as it was usually called. To create smaller denominations of these coins, they were frequently clipped into halves and then quarters. A quarter of the circle was known as two bits (4 x 2 = 8). Despite the U.S. change to a decimal system so long ago, Americans still sometimes refer colloquially to a quarter of a dollar as two bits or to the vanishing half-dollar piece as four bits, thus unintentionally preserving the Spanish system based on the number eight (from the Practical Book of Cobs). It was not until 1857 that the U.S. finally outlawed the use of Spanish coinage as payment for debts.
About Us:
Daniel Frank Sedwick, LLC
is  the world's premier specialist in the colonial coinage of Spanish America, shipwreck coins and artifacts of all nations. In addition to our Online Store, we sell coins and artifacts at various numismatic shows around the nation. Daniel Frank Sedwick, LLC also has the honor of being the only auction company in the world specializing in authentic treasure. Our auction  catalogs are accessible on the web and printed in a high-quality format with full-color illustrations for all lots. In the interest of continually updating our venues, we have decided to put a fraction of our inventory and consignments on eBay.
Note:
The items we are offering on eBay are only a small fraction of our inventory and consignments, which we generally bring to coin shows around the country (Long Beach,  Baltimore, New York, Chicago, etc.). Therefore any and all inventory listed on  eBay is subject to prior sale, in the rare case that we cannot remove an eBay listing right after an item is sold at a show.
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IAPN
(International Association of Professional Numismatists) membership accepted June 22, 2010
ANA
(American Numismatic Association)  member #1114440, member since 1981
ANE
(Asociación Numismática Española)  members #6511
FUN
(Florida United Numismatists) member #9104 member since 1981
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Licensed Florida Auctionee
r #AU3635, AB2592 (since 2007)
Daniel Frank Sedwick, LLC
P.O. BOX 1964 | Winter Park, Florida 32790