An Inca mountain called Potosí in 1545 -
Cerro Rico - old Inca Gold and Silver Mines -
was discovered - in Peru by the Spaniards -
n 1545, Gold and Silver was discovered in Peru,
on a mountain called Potosí -
The largest Gold coin was the 8 Escudo piece -
which was the same weight as the silver peso -
27 grams and 92% pure -
In 1545, Gold and Silver was discovered in Peru -
on a mountain called Potosí -
The Silver coins were in the denomination of Reales.
This system lasted for over 300 years, with one
Escudo equaling 16 Reales -
Up to the 1570's, almost all of the coins were
minted in Spain -
All of the gold and silver, was smelted into ingots
and transported to Spain -
The mint was established in 1572 and they started
producing the 8 Real coin, which soon became
the main coin produced in Potosí -
Around 1570, the Crown, started to allow private
contractors to mint coins for use in the colonies
as the amount of silver being mined started
to increase.
These coins were very roughly made.
They were made by the treatment of the silver ore
with mercury to produce the metallic silver.
This was melted and poured into molds
that produced long flat bars of silver.
The government assayer had the responsibility
to insure that the silver bars had the correct
purity, 92 - 95 % silver.
These bars were hammered by hand,
by Indian slaves, to make a crude, round,
thinner bar.
The tip of the bar was cut off to produce
blank slugs, for making coins.
How do the made these cobs?
One of the blanks, was placed between two dies,
and the top die was struck with a hammer,
imprinting the images onto the coin.
The government assayer would then weigh the coin,
and cut off all excess silver, making the coins
of a consistent weight.
Coins that did not weigh correctly, were thrown
back into the pot, and re-melted.
The thickness and circumference did not matter,
the coins were based on the weight of silver
they contained.
That is why, no two Cobs were exactly the same..
"Cobs".
The word Cob, comes from the Spanish words
"cabo de barra", meaning, "end of bar".
This crude appearance of these coins,
allowed unscrupulous individuals to follow
the practice of shaving pieces of the silver
off the coin, making coins with less silver,
than was legal.
The real early coins produced in the New World,
were made under the rule of King Charles V.
These coins had on the obverse side,
the coat of arms of Castile,
this was the two castles and lions
(Castilla y Leon).
The reverse side had Charles' emblem, which
were the two Pillars of Hercules and the Latin
phrase "Plus Ultra".
The Pillars of Hercules, was a very distinctive
way of letting you know, that the coin was
minted in America -
DD ...
investorshub.com |
