Sovereign Rarities Ltd
Auction 8 15 Feb 2023
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Argentina, Río de la Plata, gold 8 Escudos, 1832/1, La Rioja mint, Incan Sol de Mayo centre, Spanish legend and beaded border surrounding, PROVINCIAS DEL RIO DE LA PLATA, rosette at stop, rev. Seal of the Constitutional General Assembly of 1813 centre within laurel wreath, 4 draping flags surrounding, crossed canons and drum below, date at bottom with Spanish legend commencing left, EN UNION T LIBERTAD RA P 8S, edge grained, 27.28g (KM 21; Fr. 2; Onza 1556). A superb example of one of the rarest coins in all of Latin America, attractive orange toning around details with good lustre in fields, graded by NGC as AU58, one of only 5 known.
NGC Certification 6672762-001
The Spanish legend on the obverse translates as "Provinces of the River Plate," and on the reverse as "In Union and Freedom."
The history of this coin is one of the most fascinating in Latin American history. Prior to its unification, what is now Argentina was comprised of over a dozen autonomous and semi-autonomous regions. Several of these regions came together in the famous Assembly of the Year XIII (1813) to create the United Provinces of the Río de la Plata. One of the first executive decisions of the congress was to establish a new currency, distinct in design from the Spanish Real. In 1813, the first 8 Escudos of this type was struck, becoming one of the first gold coins to be minted in South America by an independent state. Despite this, the 1813 8 Escudos was never made in any real quantity, and thus not widely circulated. In late 1825, the government of the Río de la Plata approved the creation of a bank and mint for the sole purpose of financial bailouts and interest free loans to the region's rich and powerful. The bank immediately started minting coins once again, including the revival of the original 1813 8 Escudos.
This new undertaking did not last long without problems, however, as less than a year later, Bernardino Rivadavia was declared President of Argentina. This came following the looming threat of war between Argentina and Brazil, when the Argentine congress felt it needed a single Head of State to act as a unifying authority, both politically and socially. A new constitution was drafted to establish this position, but due to the urgent need for it, congress passed a special law implementing Rivadavia without the due process that the new constitution would have required. At the same time, Bernardino Rivadavia' s first government established the National Bank (El Banco Nacional) to raise funds for the possible war. Crucially, the new bank also had exclusive rights to mint all coins and bullion within the entire national territory, including the region of La Rioja. Located in the west of Argentina, La Rioja was a sizeable and politically influential province during the early period of Argentine history, as well as the location of the Río de la Plata mint. In September of that same year, for a combination of reasons, La Rioja refused to recognize the new government and its institutions, leading to Federal intervention.
Rivadavia proceeded to send troops under the command of Gregorio Araoz de Lamadrid, hero of Argentinian Independence, to crush the rebellion, only to be defeated several times by the 'caudillos' (strongmen) of La Rioja, including the famed Juan Facundo Quiroga. The defeat of Rivadavia led to his resignation in June of 1827, with the presidential regime itself falling soon after. A period of crisis ensued, with provinces resorting to self-governance, delegating only their foreign policy to a centralised authority in the form of a Federal Governor, Manuel Dorrego. A peace treaty was signed with Brazil in 1828, allowing the triumphant General Lavelle to return to Argentina and overthrow Dorrego, eventually executing the former governor and usurping the position for himself. A series of civil wars culminated in a victory for the Unitarian League, ending much of the major fighting. La Rioja, however, remained a stronghold of opposition. Lavelle ordered his minister, Jose Maria Paz, to retake the city and province for its minting capabilities. He sent his deputy, Araoz de Lamadrid, to assume control of the local government and immediately begin minting gold and silver coins for the new government.
Paz initially succeeded in his endeavour, discovering the dies and machines used to make Río de la Plata's coinage. Between 1828 and 1831, the mint produced roughly 93,000 pesos worth of gold coins, with the 8 Escudos remaining the largest denomination. In an unexpected turn of events, the Federalists returned to La Rioja in February 1831, and after almost a year of fighting under the command of Quiroga, regained control of the city. Just a few weeks later, Río de la Plata joined the Federal Pact, which acted as a counter to the Unitarian League, ultimately becoming the Argentine Confederation. This particular coin is unique within the series, as it was officially issued under 3 separate authorities. Originally minted for the Unitarians in 1831, it was then reissued under the auspices of an autonomous Río de la Plata, before eventually being restruck in 1832 for the Argentine Confederation. Whilst the 8 Escudos continued to be minted until 1836, this 1832/1 remains the most significant piece of Argentinian numismatic history, being only the 5th of its type recorded.
NGC Certification 6672762-001
The Spanish legend on the obverse translates as "Provinces of the River Plate," and on the reverse as "In Union and Freedom."
The history of this coin is one of the most fascinating in Latin American history. Prior to its unification, what is now Argentina was comprised of over a dozen autonomous and semi-autonomous regions. Several of these regions came together in the famous Assembly of the Year XIII (1813) to create the United Provinces of the Río de la Plata. One of the first executive decisions of the congress was to establish a new currency, distinct in design from the Spanish Real. In 1813, the first 8 Escudos of this type was struck, becoming one of the first gold coins to be minted in South America by an independent state. Despite this, the 1813 8 Escudos was never made in any real quantity, and thus not widely circulated. In late 1825, the government of the Río de la Plata approved the creation of a bank and mint for the sole purpose of financial bailouts and interest free loans to the region's rich and powerful. The bank immediately started minting coins once again, including the revival of the original 1813 8 Escudos.
This new undertaking did not last long without problems, however, as less than a year later, Bernardino Rivadavia was declared President of Argentina. This came following the looming threat of war between Argentina and Brazil, when the Argentine congress felt it needed a single Head of State to act as a unifying authority, both politically and socially. A new constitution was drafted to establish this position, but due to the urgent need for it, congress passed a special law implementing Rivadavia without the due process that the new constitution would have required. At the same time, Bernardino Rivadavia' s first government established the National Bank (El Banco Nacional) to raise funds for the possible war. Crucially, the new bank also had exclusive rights to mint all coins and bullion within the entire national territory, including the region of La Rioja. Located in the west of Argentina, La Rioja was a sizeable and politically influential province during the early period of Argentine history, as well as the location of the Río de la Plata mint. In September of that same year, for a combination of reasons, La Rioja refused to recognize the new government and its institutions, leading to Federal intervention.
Rivadavia proceeded to send troops under the command of Gregorio Araoz de Lamadrid, hero of Argentinian Independence, to crush the rebellion, only to be defeated several times by the 'caudillos' (strongmen) of La Rioja, including the famed Juan Facundo Quiroga. The defeat of Rivadavia led to his resignation in June of 1827, with the presidential regime itself falling soon after. A period of crisis ensued, with provinces resorting to self-governance, delegating only their foreign policy to a centralised authority in the form of a Federal Governor, Manuel Dorrego. A peace treaty was signed with Brazil in 1828, allowing the triumphant General Lavelle to return to Argentina and overthrow Dorrego, eventually executing the former governor and usurping the position for himself. A series of civil wars culminated in a victory for the Unitarian League, ending much of the major fighting. La Rioja, however, remained a stronghold of opposition. Lavelle ordered his minister, Jose Maria Paz, to retake the city and province for its minting capabilities. He sent his deputy, Araoz de Lamadrid, to assume control of the local government and immediately begin minting gold and silver coins for the new government.
Paz initially succeeded in his endeavour, discovering the dies and machines used to make Río de la Plata's coinage. Between 1828 and 1831, the mint produced roughly 93,000 pesos worth of gold coins, with the 8 Escudos remaining the largest denomination. In an unexpected turn of events, the Federalists returned to La Rioja in February 1831, and after almost a year of fighting under the command of Quiroga, regained control of the city. Just a few weeks later, Río de la Plata joined the Federal Pact, which acted as a counter to the Unitarian League, ultimately becoming the Argentine Confederation. This particular coin is unique within the series, as it was officially issued under 3 separate authorities. Originally minted for the Unitarians in 1831, it was then reissued under the auspices of an autonomous Río de la Plata, before eventually being restruck in 1832 for the Argentine Confederation. Whilst the 8 Escudos continued to be minted until 1836, this 1832/1 remains the most significant piece of Argentinian numismatic history, being only the 5th of its type recorded.