The Lyall Collection of Cut and Countermarked Coins

Tobago, Issues c. 1798, Five-and-a-Half Bitts (presumed value of Four Shillings and Threehalfpence), a Charles IIII, 4 Réales, 1794pr, Potosí, centrally pierced from the obv. with a circular hole with 16 crenations, 10.80g/166.7gr (Prid –; KM. –). Nearly fine, the only recorded specimen £500-600

This lot was sold as part of a special collection, The Lyall Collection of Cut and Countermarked Coins.

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Provenance: R. Prann Collection; H.D. Gibbs Collection, Hans Schulman Auction (New York), 18-19 March 1966, lot 1413; R.A. Byrne Collection, Jess Peters Auction (Los Angeles), 13-15 June 1975, lot 1214; E. Roehrs Collection, Part I, DNW Auction 87, 28 September 2010, lot 199.

The cataloguer’s view has changed on this coin. When catalogued for the first Edward Roehrs sale it was classified as a modern concoction. However, this coin appears to show genuine circulation wear post-cutting and as such this feature certainly places it within the contemporary time frame. Lyall has attributed this coin to Tobago as the coin was pierced from the obverse. Examination of specimens of the dollar coins provides sufficient foundation pointing to dollars in Dominica being pierced from the reverse and dollars attributed to Tobago being pierced from the obverse. However, the question might be posed – why a 4 réales denomination? These were not common coins circulating in the West Indies. There was no mention of any other denominations in the Dominica 1798 Act and there is no official documentation known from Tobago. Then there is the question regarding the ‘mocos’? Surely they would have had to be stamped such that they could be distinguished from the dollar coins? However, it is quite possible that no examples of mocos from pierced 4 réales have survived. As an aside, Dominica contemporary counterfeit mocos on thin plugs are not uncommon, although these are unlikely to be from 4 réales as it is doubtful this would have achieved sufficient profit in order to make the venture worthwhile. It is quite certain that dollars were ‘unofficially’ pierced in Dominica, as the 4,000 coins authorised would have not been sufficient for marketplace needs and there is firm evidence that Dominica 11 bitt dollars migrated to other islands and entered circulation. Perhaps this might have been the case in Tobago as well. Whether by some untraced official or unofficial action and acceptance by local convention, this coin appears to have seen considerable circulation. This is a rare and interesting coin, with an impressive provenance back to the Puerto Rico collector Mr Prann, and worthy of further research