05/11/2024
πͺπΈ Spain 4 Escudos 1788-M (Madrid) M β Carlos III β Spanish Colonial Gold Double βDoubloonβ
Minted at Real Casa de la Moneda (Royal Mint of Spain) in Madrid in the year of 1788, this lovely Spanish colonial gold 4 Escudos was legal tender in the United States up until 1857 and had a value of eight Spanish dollars ($8).
As a relatively new and independent country, at least by the Old Worldβs standards, the United States did not have the time nor the money to establish sophisticated minting procedures for the production of hard currency. Consequently, day-to-day commerce and trading took place on the basis of the pre-established Spanish escudo.
The Spanish escudo was struck in five denominations of gold coins: 1/2 and 1 Escudo and 2, 4 and 8 Escudos respectively. There were colloquial names for these variations, such as βdoubloonβ or βpistoleβ for the two escudos piece and βquadruple doubloonβ or βquadruple pistoleβ for the largest eight escudos piece.
The importance of the Spanish escudo, and the colonial coinage system in general, in fact, cannot be overlooked when considering the establishment of the U.S. dollar and the birth of Americaβs own coinage. In fact, the Spanish colonial coinage system has often been referred to as βthe blueprint of U.S. currency,β and NGC themselves have a dedicated special label highlighting the legal tender status of the Spanish escudo in America up until 1857.
The obverse of this coin features King Carlos III of Spain flanked by Latin script. The date of 1788 resides beneath.
The reverse features the Spanish crowned arms in the Distinguished Order of the Golden Fleece. This was a catholic order of chivalry and was founded by Philip the Good. Featuring prominently on Spanish coinage, the history of this iconic symbol goes back to the 15th century when Philip the Goodβs knights were notably named βThe Order of the Golden Fleece.β Their symbol was a lamb suspended in a ribbon, owing in part to the highly prized wool flocks that amassed Philip his fortune.
Price is Β£1,080 including fully-insured delivery to mainland UK.
