Basso-702; Honeycutt-7; Forrer-Vol. II pg. 263; Vives-58; cf.Medina-16. Bust of Charles III right, legend around with signature "J. Gabriel. Gil." below bust; Reverse: Woman seated at a spinning wheel receiving flax from a farmer. In 1781 the Sociedad Economica de Manila was founded by Jose Basco y Vargas in an attempt to encourage and cultivate the agriculture of the islands. Then in 1785 the Royal Philippine Company was created which superseded the Sociedad Economica. During the mid-late 18th century the production of cash crops such as tobacco, indigo, and spices was encouraged and in many cases forced upon the indigenous farmers. Much like the cash crops of the Americas the farmers who produced these crops were severely underpaid, overworked and could barely support their families. A few small marks in obverse field just in front of the face and what appears to be a small edge nick at 2 oclock are mentioned for accuracy. Cleaned long ago now attractively toned which deepens towards the edges.，NGC Unc Details--Edge Damage.，From the Ray Czahor Collection.
