(1108) Mexican Coin Facts & Figures: Volume 3 Issue 11: Last Revision: 03/28/08

Author’s Note: Once a year, during the month of January, the sitting President of the United States gives a State of The Union Address to a joint session of the US House of Representatives and the US Senate. The President tells the other nationally elected officials (and the nation as a whole after FDR started broadcasting his address on radio back in the 1930s) his opinion of the state of affairs in the United States of America. This address covers everything: the nation’s economy, the education system, where we stand in foreign affairs, etc. Well I’m not a president and you aren’t elected officials, but I’m the publisher of this Internet rag and you are my readers, so there is some similarity, if you stretch your imagination a long way. So here goes…      

Good evening my fellow Mexican Coin Collectors and Numismatists, well it is finally over! I can now inform you that the majority of the World’s Oldest and Greatest Cap & Ray 8 Reales (Resplandores) Collections are history! Since June 1985 we have seen at least ten major Resplandores collections dispersed to the four winds. They are:

• First, the Robert Lawson Collection sold by Superior Galleries during June 1985.

• The Norweb Collection sold by Christie’s and Spink in a series of sales in Dallas Texas and London England from 1985 to 1987.

• The Amon Carter Collection that was dribbled into the marketplace by Stack’s in a series of low-profile Coin Galleries auctions over a number of years.

• The unheralded Moreira Collection; sold by Superior Galleries on June 1, 1988 at the Superior Galleries Auction Gallery.
• In June 1996 the Pablo Gerber Cap & Ray 8 Reales were sold by Spink-Christie’s.
•  Next was the great JB Parker Collection one-day “fire sale” by Superior in 1998.
• Don’t forget the John Jay Pittman Collection sold by David Akers in August 1999.
• Finally during 2006 and 2007, Ponterio & Associates in a three-part record-breaking group of sales sold the incomparable Mike McCormick Collection.

•  However, there were two other major collections that passed under the numismatic radar because they were private treaty sales; the Joe Blieden Collection from Houston Texas and Guadalajara Mexico’s famous Jamie Varon Collection.

These ten collections contained much of the “cream da la cream” of the Cap & Ray 8 Reales sold during the last 20+ years worldwide! With the demise of these collections only a couple of the “great old” collections remain unsold that were assembled during the ‘dark ages’ for future collectors to fight over. 

My assessment of the “great old” collections shouldn’t be construed as the only “great old” collections of Resplandores ever assembled, not by a long shot. There were many other great collections assembled before these sales began in 1985, and more that have resulted because of these sales. No, these are the great collections formed during a single period of time, which have now been sold. 

When we talk about the “great old” Mexican coin collections of the past one must also consider the Mexican Coin Collections built by Apollo, Buttrey, Claveria, Chase, Garcia, Fonrobert, Fuentes, Herrera, Hubbard, Keith, Lavin, Mendez, Munoz, Nagai, Newhall, Pace, Pradeau, Porraz, Schneider, Siegel, Via Lobos, and Verjovsky, to name a few. All of these collectors/dealers assembled “world class” collections and many of their coins are now residing in the today’s “new world class” collections. And let’s not forget the collection originally sold by Henry Christensen on February 21, 1958. Yes, beyond any doubt collecting Cap & Ray 8 Reales has seen many great collectors who formed very substantial collections over the years.

Each of these collections had strong and weak points; many of these collectors didn’t concentrate just on Cap & Ray 8 Reales. In fact, many of these collectors have been overlooked for their greatness, just as their collections have. Few, if any, of these collectors could be tagged as variety collectors, except maybe Blieden, Buttrey, Gerber, Hubbard, McCormick, and Parker even though varieties could be found in most of the collections. By far most of these collectors were interested in only DAM (Date/Assayer/Mintmark) collections, but none of these collectors were able to assemble a complete DAM collection of Cap & Ray 8 Reales. This fact alone should give new Resplandores collectors an inkling of the level of difficulty in completing any collection of the Republican 8 Reales.                

The Overall Mexican Numismatic Market Today

The Mexican Numismatic Market has changed drastically since the Robert Lawson and Norweb Collections sales started the Cap & Ray 8 Reales “ball rolling” in 1985. Many good things, and a few bad have taken place. The availability of all Mexican Coins, especially the Cap & Ray 8 Reales, has increased dramatically thanks to the Internet. But many other factors have also contributed to a vibrant Mexican Numismatic Market today, as we begin 2008. 

In my opinion two events have had more “positive” impact on the Cap & Ray 8 Reales than all of the others combined. The first is ‘the book’ about the Cap & Ray 8 Reales series written by Mike Dunigan and JB Parker. Resplandores without any doubt has helped collectors understand this series and greatly affected the total knowledge about the Cap & Ray 8 Reales available to collectors, both old and new.

The second greatest factor for today’s accelerating interest in the Republican 8 Reales is the Internet, and the daily auctions conducted by eBay, Yahoo, and others. Less than ten years ago one might find a couple of public auctions a year that might, or might not, have any “good” Mexican Republic 8 Reales. My how this has changed, sometimes we see 50, or more, new Mexican 8 Reales listed on eBay in a single day.  And these new listings occur every day of the year, not once a quarter, or twice a year as in the past. Furthermore the coins now come from sources worldwide. With the increased number of auctions and material available we have seen the corresponding number of new Mexican Coin Collectors increase by leaps and bounds.

Some people believe these new collectors, created by the Internet, are only casual collectors, but I totally disagree! While many, if not most, may never become advanced collectors, some will. If only one out of a hundred, or even one out of a thousand, become serous collectors it will have a great and lasting impact on the future of collecting the Resplandores.

Since I began haunting the Internet, in 2002, I have seen hundreds of new 8 Reales buyer/collectors appear on eBay bidding against me and other advanced collectors using this venue to find new material. Some of these eBay buyer’s are seen for periods of time measured only in months, others have been there since 2002, and maybe even before me. I would say there are currently at least 100 eBay buyers that can no longer be considered to be “novice” Resplandores collectors. But of course this number could be much larger today as I have been so busy the last year, or so, that I no longer have time to add all of their names (eBay handles) and interests to my database. Plus eBay no longer lists each bidder’s, or potential buyer’s, eBay handle bidding on a particular coin, making it more difficult to keep up with who is bidding on what coins.      

But let’s assume that a minimum of 100 new collectors have joined the ranks of solid Resplandores collectors since 2002. During the years (1980-2002) that I actively collected this series I personally knew of less than 20 serous collectors. While many of the ‘old timers’ have left collecting, either voluntarily or by death, new collectors are now replacing them in record numbers. Personally this warms my heart for several reasons. First, because I personally love these coins, but second, it means there are now many more potential buyers for the remaining coins in my collection.

This phenomena isn’t limited to just the Resplandores. No, we are seeing interest in many other areas of Mexican Numismatics rapidly increase too. The Modern Mexican Coin field growth can be compared to the annual California Brush Fires with the Santa Anna winds blowing at over 60 mph. Or take a day or three to look at the nice Colonial Period coins and their corresponding prices paid on eBay and you will be amazed. Gold Onzas, from all periods, have seen a miraculous increase in prices the last couple of years, even before the drastic increase in gold prices. Common date high-grade gold Republican 1 Pesos have gone from under $100 to over $300 each. Mexican Republic minors are still rather spotty, but I believe the lack of good published data about them is the main reason for the lackluster growth in this area. However, if good data is available to this new class of collectors, the interest is there, or will soon follow.

Another good indicator of the renewed interest in all areas of Mexican Numismatics is the rapid rise in prices being paid for ‘good’ Mexican material in the major public auctions since the ANS-Bowers-Eliasberg Sale took place in April 2005. This sale was the harbinger of the new “Golden Age” of Mexican Numismatics. Some believed this sale was an aberration that wouldn’t continue. Others that the prices realized in this auction only indicated a bump in Mexican Gold. Some of us realized the market for Mexican Coins had finally awakened after a long 20+-year slumber!   

But today my State of the Union Address is about only one subject, so let’s cut the BS and move on…

The Mexican Republic Cap & Ray 8 Reales Market Today

To fully appreciate and understand today’s market we must look at the history of this series and its sales. The Resplandores 8 Reales have been collected by many since the late 19^th Century, the first public auction catalog in my considerable reference library containing a sizeable number of these coins is dated 1878. This was the “historic” Jules Fonrobert Collection assembled in Germany and sold by Adolph Weyl. Today there is much speculation as to who Fonrobert was, or if he truly lived. Some numismatic historians believe the Fonrobert moniker was a person invented by Adolph Weyl in order to sell all of the non-European coins he had assembled in his stock. Yes, there is a good possibility that this collector, and collection never existed, but was in fact the first great marketing ploy, used by a coin dealer to promote his stock in trade. Shades of Max Mehl and the Goldbergs, but much earlier. It seems few people today know where many of the Fonrobert coins ended up. Or that many came to the New World. Some were purchased by European coin dealers and later sold to Virgil Brand. After Brand’s death a number of the Fonrobert coins made their way to the Norweb Collection, and then to me. Other coins from the Fonrobert Collection moved to the German Ulex Collection that was offered for sale by another German coin dealer, Adolph Hess Nachfolger in 1908. One of my Mexican Coin Mentors, Clyde Hubbard, told me that Bank of Mexico purchased all of the Mexican Coins in the Ulex Collection, lock, stock, and barrel, and they became the basis for magnificent Bank of Mexico collection. Thus proving my theory that most of the better Mexican Coins, including the Resplandores, found today are really “retreads” from older collections.

Now let’s leap forward 80 years, from 1878 to 1858, when we find another “great” and the first modern auction of sizable number of Mexican Republic 8 Reales takes place. The date is February 21^st 1958, the place 545 5^th Avenue, New York City where Henry Christensen is conducting his sale of The Silver Dollars of Independent Mexico. Christensen is aware of the lack of ‘good’ information about these coins, so he enlists the help of some collectors and a few coin dealers to produce his catalog; they include:

Later, after the sale has been completed, and in order to print the Reference Catalog of the sale, Christensen also heard from others giving him information about coins in their collections:

Today, this list reads like a ‘whose who’ of old-time Mexican Republic Collectors and dealers from that period. It seems amazing to me that so many individuals wanted to help set the record straight during that time, unlike to today’s world. 

Henry’s Sale and Reference Catalog of the Silver Dollars of Independent Mexico originally contained 1,282 lots with the later addition of 16 lots that were assigned “a” numbers that were not in the sale. His formalized catalog (printed after the sale) also contained the prices realized. The Mexican Republic Cap & Ray 8 Reales of course were the largest segment of the sale starting with Lot#7: an almost Uncirculated Durango D^o 1824 RL Hookneck and ended with Lot#1035: an almost Uncirculated Zacatecas Z^S 1897 FZ 8 Reales. The lowest price coin was $1.50 paid for Lot#750: a Very Fine Mexico City M^o 1897 AM 8 Reales and the highest price paid was $185.00 for a Catorce C^E 1863 ML graded Very Fine+ . Second place $165.00 went to two different lots. The first was Lot#307: an Extra Fine E^oM^o 1828 LF and the second was Lot#308: a Very Fine+ E^oM^o 1829 LF 8 Reales.

Some of the lots have no prices realized including Lot#309: an un-graded E^OM^O 1830 LF 8 Reales, so I assume it wasn’t in the sale because all of the un-graded coins have no prices realized. Some of these coins listed where the coin was found, or was currently residing such as ANS, or a collector’s name.               

So you may ponder the relative differences in prices, here are the prices realized for a few of the better Cap & Ray 8 Reales most that I consider to be Classic Rarities that were sold in this sale so can see the price spread. You also must remember grading by Christensen in 1958 was much different than it is today; you can add at least one grade to any of his grading to approximate today’s grades, for instance a VF+ will be a choice XF, a VF is probably a solid XF, a XF would probably be today’s aUnc, and aUnc probably a MS-60 or better, etc. You get the idea?

1. Lot#7: aUnc Durango D^o 1824 RL Hookneck $20.00
2. Lot#10: VF+ Guanajuato Go 1824 JM Hookneck $18.00
3. Lot#12: VF Mexico City Mo 1823 JM Hookneck $27.50
4. Lot#18: VF+ A 1865 PG Alamos $65.00
5. Lot#52: Catorce C^E 1863 ML graded VF+ $185.00
6. Lot#60: Chihuahua C^A 1836 AM grading aUnc $20.00
7. Lot#65: VF Chihuahua C^A 1840 RG $20.00
8. Lot#93: XF C^A 1865 JC $35.00
9. Lot#121: C^A 1880 PM graded XF $25.00
10. Lot#307: E^oM^o 1828 LF graded XF $165
11. Lot#308:  E^oM^o 1829 LF graded VF+ $165
12.  Lot#416: Guanajuato Go 1828 MR graded VF+ $17.50
13. Lot#588: VF+ Hermosillo H^o 1864 FM $60.00
14.  Lot#645: Mexico City Mo 1833 ML graded XF $15.00
15. Lot#752: Fine+ Oaxaca @ 1859 AE $15.00
16. Lot#829: Potosi P^I 1849 PS VF $15.00

While your are pondering these coins and their prices from 50 years ago, notice the absence of any of the Classic Rarities listed from the Culiacan, Durango, Guadalajara, Guadalupe y Calvo, and Zacatecas mints further on in this article. 

The Resplandores

To properly analyze the Resplandores market we need to understand there is a multi-tiered level of knowledge and coins in this series. Some coins fit into several different classes of Type Collections making them highly desirable, and generally more expensive. The reason behind this is that the most popular method for collecting Mexican Coins is still some form of a Type Collection.

We have said it before, but it bears repeating again; high-grade and ultra high-grade Type Coins generally bring many times book values when offered. This phenomena isn’t limited to Mexican Numismatics as can be seen by today’s market of US, Canadian, Russian, and most European coins where extraordinary prices are being paid for these coins.

But prices are also accelerating for other high quality Mexican Coins too. It is my personal opinion that one must categorize the Resplandores into groups of coins to fully understand today’s market and to learn to take advantage of it. Here are the categories of Resplandores you should learn to think about when analyzing the market.

• Type Coins
• Classic Rarities
• Great Rarities
• Hidden Rarities
• Mid-level Rarities
• Low-level Rarities
• In Grade Rarities
• Common Coins

If you go blindly along buying only high-grade coins without knowing which coins are which, you can miss some real bargains. Let me give you an example; during mid-March 2008 a Durango D^O 1874 JH 8 Reales was listed on eBay. This coin had two strikes against it from the get-go: (1) It was being offered by a seller from the Philippines (2) The seller graded it only Very Fine. With two days left on the listing there were already 12 bids placed by four bidders and the price stood at a whopping $800. The sale of this coin ended on March 21, 2008 and the final hammer price was only $810 after only 13 potential buyers placed a total of 13 bids.

The last public sale of this DAM that I have recorded took place in the Mike McCormick Collection Sale in the September 2006 Ponterio & Associates Sale#139, Lot#343. The McCormick specimen was described by the Ponterio’s as, “VERY RARE date. Weakly struck in the centers, small drill mark at 12:00 on reverse lightly toned ALMOST UNCIRCULATED … [1500.-2000]” The hammer price for this coin was only $1,500, or the lower price estimate. If we add into this price the 30% auction fees (15% to both the buyer and seller) it makes the coin valued at $1,950, not $1,500.

Now let’s look at some more information about this coin, first what does Mike Dunigan tell us in ‘the book’ RESPLANDORES;

“This date continues the Die Style of 1873-1882. Some of this issue went to the Orient. This coin was the first issue of an assayer that worked only part of two years.

Very rare. This is the fifth rarest date of the Durango Mint.

The average for this rare date is around Very Fine. Several known specimens have a few tiny, but non-damaging chopmarks. A few low grade examples are known as well as some in Extremely Fine condition. Frequently this date is softly struck, possibly from a damaged die.

No major varieties are known for this date.”

Man this coin fits into the Great Rarity class! Or at least Dunigan thought so at the time ‘the book’ was written, he said it was the 5^th Rarest Durango 8 Reales. More importantly this is also an “Assayer Type Coin” because assayer JH made 8 Reales for only part of two years. Did you see the average condition noted for this baby? A Very Fine is average with some Extra Fines, but some (if not most) of them have tiny chopmarks. This makes this puppy a “Grade Rarity” class coin too!

This is a super duper coin! Even Krause recognizes its overall rarity by pricing it at $2,750 in Extra Fine in the 2007 North American Coins & Prices catalog.

This is a quadruple convergence coin: (1) A DAM Great Rarity (2) One of a rare two year “Assayer Type Coin” (3) It is a “High-Grade Rarity” (4) It also must be classified as a “Classic Rarity” because the coin pricing catalogs have noted it a very high price.

Now let’s examine a few of the “great old” collections and their sales records for this coin.

• Mike McCormick Collection: Part 1 (09/06) Lot#343, Damaged aUnc sold for $1,500
• John J Pittman Collection: (08/09) None
• JB Parker Collection: (06/98) Lot#3239, aUnc sold for $2,640
• Pablo Gerber Collection: (06/96) Lot#208, Very Fine sold for $2,090
• The Moreira Collection: (06/88) Lot#1049, Damaged Very Good sold for $1,100
• The Robert Lawson Collection: (06/85) None
•  Norweb Collection: (11/85) None     
• Superior Munoz Sales: Part 4 (06/82) Lot#1677, a Fine that sold for $4,620
• Dr. Alberto Pradeau Collection: None
• Henry Christensen Sale: (02/58) None

Wow, what is wrong with this coin? Why isn’t it recognized for what it is today? I believe the answer may be that it is a late date Durango rarity. But, maybe I’m wrong in my assessment because I have had five phone calls, or emails about the eBay coin, starting only a couple of hours after it was listed. These people have all asked the same question; “Is this coin really this rare?”

None of inquirers own the coin, yet three of the five have seen my specimen of the coin and haven’t asked the price. My specimen was purchased many years ago from Mike Dunigan; it cost me an arm and a leg at the time of purchase. This was long before ‘the book’ was under construction, or was even a dream. Mike told me it was the “second finest known” at that time. See the scans below.

FoxLair Variety# 8R-Do-1874-2101

As you can tell from the scans, this is a pretty nice coin, and much better than any I have found sales records for at this time. The “big question” has to be, “What is its current value?” The answer is, “Who knows?” But I want $5,000 for it.

So what does all of this tell us? In my opinion the answer lies a little deeper, so let’s do some exploration and dig deeper into today’s market. 

Type Coins

The market is strong for well-struck, problem free high-grade (XF to aUnc) “Type Coins”, just like it has always been in the past. But the ultra high-grade (Mint State to choice Mint State) coins are stronger than dirt at this time in all areas of Mexican Numismatics.

There are many 8 Reales that fit into some class of “Type Coins”. Any high-grade Resplandores from the Catorce, Estado de Mexico, or Guadalupe y Calvo mints fit into a “Mint Type Set”. All full Sonora Style coins from Culiacan or Hermosillo fit into an advanced “Major Style Type Set”, hundreds of collectors are missing a decent coin from these mints of this style. And don’t forget the Mexico City 1823 Hookneck for a “Hookneck Date & Type Set” because a fully struck near Mint State example is now impossible to find for less than $6,000. All of the three letter Durango assayer coins fit into an “Assayer Type Collection” and the Assayer JMP is a great rarity while the Assayer JMR is becoming harder and harder daily to find in grades of Extra Fine or better. But these two coins are just the tip of the iceberg of the extreme rarities found in this Type Set. Some of the assayers found in Chihuahua, Guadalajara, and Potosi 8 Reales series are known to exist in numbers of less than a dozen. We also find a few great rarities in a “Year Type Set” such as most Resplandores dated 1865, 1866, 1972, or the Mexico City 1823 Hookneck in grades over Extra Fine.

Yes, today Type Coins in ultra high-grades are difficult to find and are usually very pricey!

Classic Rarities

Personally I define this category as coins that are, and have been recognized rarities for a number of years. This is because they are priced much higher than most other 8 Reales (generally at least $1,500 in grades of Extra Fine or less) coins in the current coin pricing catalogs, and have been for many years. A few examples of these Classic Rarities from each mint are:

1. Alamos: A 1864 PG, A 1865 PG, & A 1866 PG

2. Catorce: C^E 1863 ME

3. Chihuahua: C^A 1831 MR, C^A 1840 RG, C^A 1858 BA,  most of the 1865 and 1866s, & C^A 1880 PM

4. Culiacan: C 1846 CE, C 1847 CE, C 1854 CE, & C 1866 CE

5. Durango: D^o 1849 JMR, D^o 1866 CM, D^o 1867 CM, D^o 1877 CM, & D^o 1877 JMP

6. Estado de Mexico: E^oM^o 1828 LF, E^oM^o 18290 LF, & E^oM^o 1830 LF

7. Guadalajara:  G^A 1287 FS, G^A 1860 JG, G^A 1861 JG, G^A 1862 JG, G^A 1863 FV, & G^A 1867 JM 

8. Guadalupe y Calvo: GC 1844 MP & GC 1852 MP

9. Guanajuato: Go 1825 JJ, Go 1828 MR, & Go 1870 YF

10. Hermosillo: H^o 1861 FM, H^o 1862 FM, H^o 1864 FM, H^o 1864 PR, H^o 1866 FM, & H^o 1866 MP

11. Mexico City: M^o 1833 ML & M^o 1847 MF

12. Oaxaca: @ 1858 AE, @ 1859 AE, O 1861 FR, @ 1863 AE, & O 1865 AE

13. Potosi: P^I 1827 SA, P^I 1827 JS, P^I 1849 PS, P^I 1849 AM, P^I 1859 MC, P^I 1860 FC, & P^I 1860 FE

14. Zacatecas: Z^S 1826 AO, Z^S 1867 JS, & Z^S 1870 YH

And remember this isn’t all of them by any means!

Great Rarities

Many of the coins listed above fall into this category because they are generally listed at over $5,000 in grades of Extra Fine or less, or are listed only as Rare in coin pricing catalogs. Many times, especially during late 20^th Century, coins in this class were sold primarily in private treaty sales, except when the great old collections were offered. You seldom saw one of these coins in mixed auctions even though a number of singles came on the market from time to time. Several of these Great Rarities showed up in old US collections, sometimes one of them being part of a Mexican Mint Type Set. Don’t believe me? All of the ‘big three’ (Mike Dunigan, Richard Long and Rick Ponterio) Mexican Specialty Coin Dealers sold me 8 Reales and 8 Escudos that supposedly originated from US collections in private treaty sales that were well above average specimens for Great Rarities.

Also during the late 1980s and early 1990s, a few Great Rarities began to trickle into the Mexican Coin Market from overseas. Most of these came from the Far East; Indonesia, Singapore, Macao, the Philippine Islands, Singapore, and of course China. But a few also showed up in Europe, but there was much more Mexican gold than silver from Europe and England during this period. Many of the Great Rarities found in England occurred much earlier back in the 1930s, or even in the 1920s.

But even the Great Rarities sometimes still “go begging” if they aren’t problem free coins grading at least Extra Fine or better.        

Hidden Rarities

This category, Hidden Rarities, is for coins that are much rarer than the current or past coin catalogs indicate as these catalogs have completely “missed the boat” on their values. Mike Dunigan, in Resplandores, generally rated these coins as Rare to Very Rare. Today they are still often overlooked for their True Rarity and bargains abound from this Category. Many of these class of coins are varieties that are often overlooked by DAM Collectors. One recent example was found in the Mike McCormick Collection. This coin was in Part III of the collection; Ponterio & Associates Sale#143 as Lot#667 and I scooped it up for what I thought was bargain price.

Rick described it;

“EXTREMELY RARE variety with the round top “3” and full “J” in the assayer’s letter. Same punches used for the 1823 “Hookneck” 8 Escudos. Reportedly only 6 specimens known. Probably the first issue of the Republican 8 Reales. Edge bumps and several planchet flaws, full “LIBERTAD” on cap, nice strike, VERY FINE/EXTREMELY FINE. … [3000.-4000]

 I can’t believe I was able to purchase this coin for $3,300 plus the juice! It is beyond a doubt the rarest Hookneck of any denomination, at least in my opinion. To me, this coin epitomizes the classification of a Hidden Rarity. The first specimen of this variety I know of and saw belonged to JB Parker and it too had a few problems. Mike Dunigan graded it Extra Fine or better while cataloging the Parker Collection for the Superior Sale in June 1998, it was Lot#3485 and sold for $4,180.

Another of McCormick's coins, a variety that is much better known and appreciated of the Hookneck 8 Reales from Mexico City saw a hammer price of $15,000 because it was graded almost Uncirculated. This is an error coin variety missing the “B” in “REPU_LICA” that was dated 1824. In my personal opinion this coin is more available than the former, but that’s only my opinion.  

Surely you can see many Hidden Rarities are still just that.

Mid-level Rarities

This is an interesting and highly misunderstood category. Dunigan generally called these coins Very Scarce to Rare in Resplandores. This is another group of 8 Reales that are often priced at much less than they should be in modern catalogs. Be on the lookout for these coins as they often sell for less than current catalog prices in grades from Extra Fine or even almost Uncirculated. Beware, the higher-grade problem free specimens normally bring higher prices than catalog values.  

Low-level Rarities

Bargains abound in this category! The authors of Resplandores normally rate these coins from Scarce to Very Scarce. But this can be very deceiving because they are becoming much harder to find with the current influx of new 8 Reales collectors. You find many of commonly thought to be mints, such as Culiacan, Durango, and Guanajuato where great numbers of coins exist. This is especially true of the early dates up through the mid-1870s.    

In Grade Rarities

Many Mexican 8 Reales fall into this category! Many of them are almost common (500 or more) in grades of Very Fine or slightly better. But once specimens reach grades of problem free Extra Fine, or better they are a very difficult to find. Many collectors don’t have these coins in their collections because they can’t find them in grades of almost Uncirculated or better. Beware, if you find nice fully struck problem free coins in this category, even at Extra Fine you had better think long and hard about purchasing them.

Some of these coins are also very rare in grades of Very Fine, so know what you are looking for before you pass on these coins too.  

Common Coins

I personally define this category as having at least 500 specimens for sale at most times and that are generally found in grades up to choice almost Uncirculated without problems. With the progression now going on to third party grading (have I mentioned I hate this trend?) ultra high-grade specimens graded MS-64 or better are seeing unreal prices. I still contend that a common coin is still common and worth much less than current prices indicate.  

Grade Versus Rarity

I can’t believe that any ultra high-grade common to scarce Mexican coins are worth more than low-grade Great Rarities, but today’s numismatic market disagrees with me. I guess only time will tell which theory is correct.

DAMs Versus Variety Collecting

Until more Mexican coin collectors decide variety collecting is a viable pursuit, you will be able to buy unrecognized and unknown varieties at outright cheap prices. You can find many bargains right now that are much rarer than they are thought to be. But, once the Mexican Numismatic Market awakens in this area of collecting, which it surely will one day, you will one day look back and say, “If I had only known!” Well now you know. So you better get busy. The chances of you ever completing a DAM collection of Resplandores is slim and none, unless you have a hundred years and an unlimited budget. But you can build a “World Class” variety collection with a target grade of Very Fine or better coins that could be the next “Great Old” collection of the future.   

Finding Bargain Priced Resplandores

Smart Resplandores buyers can still find bargains galore on Internet auctions; especially on eBay. One of the “old time” Texas collectors, Harry Saginaw from Dallas Texas, proves this point. In the last ninety days Harry has purchased two “Great Rarities” for a pittance: (1) The Durango D^o 1874 JH mentioned above for $810 (2) a Chihuahua C^A 1866 JC for $950. Good work Harry!

But the Internet isn’t the only place to find bargains. You can still find bargains in public auctions too. I proved this point when I purchased several coins from the Mike McCormick Collection, and there are many others who did the same thing in this series of auctions.

Just remember to do your homework and become a Resplandores sleuth.

Conclusions

The 8 Reales market has been sleeping (some say in a comma) for many years, while the rest of the world has been marching on. During my life prices have been rising for everything; I can remember $.45 a gallon gasoline, now it costs over $3.00, $.25 hamburgers or five for a dollar, now a good burger costs a minimum of $3.95. Years ago I purchased my first home for under $10,000, my last one cost over $250,000.

During my 25+ year involvement with Cap & Ray 8 Reales prices haven't increased much, or in some instances they have retreated. But I smell a change coming. Today I went to visit Rod Bates, he had just received a new uncataloged War of Independence 1 Real that I wanted to borrow. (see the front page) As we were talking I noticed a lady sitting on a stool at the end of the counter looking at 8 Reales. This is unusual; few women other than Mrs. Norweb, have made collecting this series a project. Even more unusual was the laptop she was looking at on the counter. Let's face not many collectors of Mexican Coins are sophisticated enough to use a computer at home to maintain their stuff, let alone carry a laptop to a coin store. But here was a lady checking each 8 Reales in Rod's stock on a her laptop to see if she already owned it. Pretty amazing! I couldn't help it, I had to make a comment. I said something smart like, "wow you are interested in Cap & Ray 8 Reales?" Rod took my cue and introduced the lady to me and then he commented, "She is attempting to complete a DAM set of 8 Reales". What a woman, talk about leaping into the fire. One thing is for sure, the current Mexican Republic Cap & Ray 8 Reales market is dynamic and moving. Only a soothsayer knowns what will happen next week, or over the next 10 years, or during your collecting life. But you are forewarned, so don’t look back one day and say, “If I had only had some inkling of the dynamics and popularity of these coins, I would have started collecting them seriously?” Because it may then be … too late. 

It's time to make another leap forward in time to 2008 to try to prove this point by now giving you the grade and prices realized from the Mike McCormick Collection for the 16 coins listed earlier from the 1958 Henry Christensen Sale of the Silver Dollars of Independent Mexico. 

1. Lot#209: aUnc Durango D^o 1824 RL Hookneck $1,900
2. Lot#500: VF Guanajuato Go 1824 JM Hookneck $550
3. Lot#668: VF Mexico City Mo 1823 JM Hookneck $550
4. Lot#2: Alamos VF+ A 1865 PG $525
5. Lot#44: Catorce C^E 1863 ML graded choice aUnc $2,100
6. Lot#54: Chihuahua C^A 1836 AM grading XF $320
7. Lot#61: XF Chihuahua C^A 1840 RG $1,400
8. Lot#95: Chihuahua aUnc C^A 1865 JC $160
9. Lot#116: Chihuahua C^A 1880 PM graded VF $1,250
10.  Lot#370: Estados de Mexico E^oM^o 1828 LF graded aUnc $1,900
11. Lot#371: E^oM^o 1829 LF graded VF $750
12. Lot#513: Guanajuato Go 1828 MR graded XF $600
13. Lot#623: XF Hermosillo H^o 1864 FM $1,300
14. Lot#700: Mexico City Mo 1833 ML graded choice AUnc $850
15. Lot#783: aUnc Oaxaca @ 1859 AE $1,800
16. Lot#906: Potosi P^I 1849 PS Fine $1,050

My word, a lot has happened in the last half-century hasn’t it? While these coins from the McCormick Sale may not be the exact variety that appeared in the 1958 Christensen Sale, I have tried to match them as closely as possible to the variety and corresponding grade for today.

While the prices realized from the Christensen Sale and Mike McCormick Collection show an  increase over a 50 year period, they don't represent the whole story by a long shot. It is my personal opinion that these particular coins still sold at bargain prices. Below are same DAMs, they may not be the exact same varieties, that were in my collection with the grades, the year I purchased them, and the prices I paid for them.   

1. Durango D^o 1824 RL Hookneck graded aUnc purchased in 1985 for $1,705
2. Guanajuato Go 1824 JM Hookneck graded VF+ purchased in 1988 for $485
3. Mexico City Mo 1823 JM Hookneck graded aXF purchased in 1987 for $550
4. Alamos A 1865 PG Alamos graded XF purchased in 1987 for $2,000
5. Catorce C^E 1863 ML graded choice aUnc purchased in 1986 $1,850
6. Chihuahua C^A 1836 AM grading crude XF purchased in 1987 $350
7. Chihuahua C^A 1840 RG graded  XF+ purchased in 1987 $2,700
8. Chihuahua  C^A 1865 JC graded  aUnc+  purchased in 1986 $350
9. Chihuahua  C^A 1880 PM graded VF+ purchased in 1987 $1,500
10.  Estado de Mexico  E^oM^o 1828 LF graded aUnc purchased in 1987 $2,600
11. Estado de Mexico E^oM^o 1829 LF graded aUnc purchased in 1986 $3,300
12. Guanajuato Go 1828 MR graded  aXF purchased in 1986 $350
13. Hermosillo H^o 1864 FM graded VF+ purchased in 1988 $1,760
14. Mexico City Mo 1833 ML graded choice AUnc purchased in 1988 $1,400
15. Oaxaca @ 1859 AE graded VF+ purchased in 1987 $2,500
16. Potosi P^I 1849 PS graded VF+ purchased in 1988 $1,085

You can see from this comparison of the three different groups of 8 Reales that some of the McCormick coins didn't sell for all that much. However, others did, reaching record and un-before seen (over $40,000 each for two different 8 Reales) price levels. It makes me wonder just how strong the current market is? Let me reiterate, I personally believe that we are just beginning a new Golden Age for Mexican Numismatics, so don't let the fast moving train pass you by ... because you may live to regret it. 

One final word to the wicked and wise-- if you want to see something really interesting, get a copy of The Christensen 1958 Auction Catalog and you can see all of the Cap & Ray 8 Reales that weren’t known at that time, plus the coins that weren’t in the auction, and who either reported, or owned them.

The opinions found in this article are mine, and mine alone. Whether you find this information helpful, or not is up to you to determine. As my old friend Porky Pig (some people compare me to this cartoon character) would say,  “That’s All Folks!” I hope you found my State of the Union Message interesting and informative?     

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