ECUADOR. 5 Francos, 1858-GJ. Quito Mint. NGC MS-61.KM-39; Y-13; Seppa-EC-73; Carr-64; EL-2. VERY SCARCE and popular one year type. Designed by local Ecuadorian artist Emilia Rivadaneira as marked with small capital letters "E.R." below bust. Emilia was the sister of Manuel Rivadaneira who received the contract for the first Ecuadorian Postage Stamp. The idea for instituting a new decimal coinage system was presented to congress in November of 1856 with the idea of replacing the old debased real system. By article 5 a fixed period of two years was set for instituting the new decimal system (From October 15th 1858, or sooner if possible). The budget for 1857 provided 18,000 Pesos, 8,000 Pesos of which was intended for development of the mint. In accordance with the decree, in state offices 5 Francos pieces were to be accepted and paid out at 10 Reales of the decimal system or at 9 of the base coinage. This proved highly ineffective as the official rate often differed from that found in the marketplace. Hence 5 Francos circulated in the Imbabura market at the rate of 10 Reales, while the capital accepted them at 9, and in Guayaquil they were being accepted at 8. This caused severe damage to the economy of Ecuador and was disastrous with foreign trade. According to Carbo 14,259 Pesos of silver coins were struck in 1858, presumably these are 5 Francos since no other coins were minted this year. On March 22nd of the following year a massive earthquake occurred in Ecuador. Serious damage was caused throughout the city of Quito, including what Architect Melvin Hoyos Galaza described as "The end of the Quito Mint". The damage to the mint was so severe that it was not repaired until 1861 by an 8000 Peso loan advanced by the Banco Particular. For more information see "A Numismatic History of Ecuador" by: Michael Anderson. Chapter 7 of his book meticulously discusses the first decimalization. Attractive soft blue grey toning with nice underlying luster. The first decimal Crown of Ecuador.
