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The 1870(74) 2-peseta coin minted in Madrid has a mintage of 14,892,932. It is 27mm in diameter with a silver fineness of .835 weighing 10 grams. The obverse initials L.M. underneath Hispania’s feet refer to engraver Luis Marchionni. The initials D.E. along the lower left rim of the reverse refer to mint assayers Eduardo Díaz Pimienta and Julio de Escosura Tablares. The initial .M. along the lower right rim of the reverse refers to balance judge Ángel Mendoza Ordóñez.
The central device on the obverse is an image of Hispania reclining against the Pyrenees Mountains with her right arm stretched out holding an olive branch. With the Rock of Gibraltar at her feet Hispania effectively spans all of Spain. To “extend an olive branch” across the land is to offer peace and reconciliation for all. This was especially important after a revolution. On Hispania’s head is a mural crown. As the feminine personification of Spain, the mural crown she wears establishes her as a tutelary deity or protectorate of the people she represents. The mural crown also appears in heraldry on the reverse of this coin. As such it has come to represent a republican form of government unlike that of an imperial or royal crown which represents a monarchy. Thus, with the mural crown over the coat of arms, it represents a republic of the five kingdoms of Spain or under a royal or imperial crown, the combined kingdom of the monarch.
The central device on the reverse is the Spanish Coat of Arms. The Spanish Coat of arms is representative of the five Spanish Kingdoms on the Iberian Peninsula. The upper-left quadrant represents the Kingdom of Castile in the west region of Spain bordering Portugal and the North Atlantic Ocean. The upper-right quadrant represents the Kingdom of León in the northwest region of Spain on the Bay of Biscay. The lower-left quadrant represents the kingdom of Aragon in the southeast region of Spain on the Mediterranean Sea. The lower-right quadrant represents the Kingdom of Navarre in the northeast region of Spain bordering France. Finally, the pomegranate at the bottom of the arms represents Grenada in the southcentral region of Spain on the Mediterranean Sea. The borders of these kingdoms were very fluid throughout history. This was usually the result of one kingdom conquering or annexing another kingdom.
The large date on the obverse is the year of the coin’s authorization. The legend “ESPAÑA” is flanked by two six-point stars. Stamped into the stars is the coins date of manufacture. For example, this coin has the number “18” stamped into the star to the left of the legend. The star on the right has the number “74” stamped into it. Thus, the date of the minting of this coin is 1874. This system of dating coins allowed for the annual use of the same hubs and master dies with very minor changes to the working dies.