PHILIPPINES. Philippines - Philippines - Peru. 8 Reales, ND (1834-37). PCGS Genuine--Holed, AU Details Gold Shield; Countermark: AU Details.cf.KM-A139; Basso-43; cf.PNM#6-177; cf.PNM#16-374; cf.PNM#21-X-9; Cacho-Type IV-CS-010; Gil-Crown variety 5-4-1-II (Y.II)/5-4-1-C(F.7.0). Issued by Decree of 20 December 1834, Suppressed 31 March 1837, dy Decree of 1 February 1836. Type VI countermark, crowned Y.II. within circle. On an 1833-LIMA JM Peru Repyublic 8 Reales. strongEXTREMELY /strongstrongRARE/strong and very interesting with the Y.II. countermark over only one side of perforation at 6 oclock combined with previous F.7.0 (Gil-Crown variety 5-4-1-C). Both countermarks are well struck, bold and clear. An attractive lightly toned survivor with slightly subdued luster in the protected areas of the countermarks. An amazing piece of Philippines numismatics certain to excite even the most advanced collectors as the oppurtunity to acquire such a piece does not present itself often.On 27 August 1834, a decree was issued stating that pierced coins were no long acceptable legal tender. This did not sit well with the local populace and nearly caused an uprising. Due to the disgruntled locals, the government at Manila issued the 4 September 1834 decree where holed coins with countermarks over both sides would again become legal tender. When the 4 September decree was issued it was specific in that the countermarks were to be applied over both sides of the perforations. Clearly this was not always the case and occasionally examples can be found where the countermark was only applied over only one side of the perforation. In accordance with the original decree of 2 October 1832 the countermarks were to be applied to the obverse as is the case with the present example. It is interesting to note that the Y.II. over the perforation is shared with the reverse stamp of the 1813-LIMA JP Peru Bust 8 Reales of Ferdinand VII also in this sale. We have recorded only 4 examples with the countermark applied over only one side of the hole with a previous Philippines countermark and of the known examples, three are F.7.0 countermarks and one is a Y.II. countermark.From the Kyle Ponterio Collection.
