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Spain Gold Pesetas Official Restrikes (1961, 1962)

Category:  World Coins
Owner:  JohnA
Last Modified:  6/11/2024
Set Description
Official Restrikes of certain 1876-1897 Gold Circulation Issues. This set is complete, containing twelve coins, including two variant examples of 25 Pesetas restrikes. Each coin in this set is graded MS 64 or higher by NGC.

In 1962 Spain's government mint in Madrid (F.N.M.T.) entered into an agreement with a private company, Central American Investment Trust of Vaduz (Liechtenstein), to produce restrikes of 10-, 20-, 25-, and 100-peseta gold coins using the original dies from Alfonso XII and Alfonso XIII coinage. CAIT supplied the mint with 40 ingots of pure gold (16,000 ounces worth $560,000 at $35/ounce). The mint processed the gold into coins and returned 85% of the original bullion value to CAIT, after subtracting for shrinkage and an agreed amount for expenses and profit ("una vez deducidas las mermas y beneficios"). [Sources: "Memoria expositiva de los trabajos realizados en la Fábrica Nacional de Moneda y Timbre durante el ejercicio 1962," p.19; and Firmenindex des Handelsregister Liechtenstein, www.oera.li.]

FNMT's memoirs for the year 1961 record that the restrike project started in 1961 with the inventory and preparation of the dies to be used. Thus the restrikes carry the star dates of 19-61 as well as of 19-62.

According to Cayón Numismática in Madrid, CAIT took advantage of a Spanish law that had never been repealed, that a party presenting gold bullion to FNMT had the right to have it minted into gold coins. ("...estas acuñaciones se deben a que una empresa extranjera se acogió a la ley española que permitía acuñar en oro todo el metal que se llevara a la Fábrica puesto que ésta no había sido derogada nunca.")

CAIT marketed the restrikes to collectors in Spain and elsewhere.

The restrikes are considered official Spanish government issues and are catalogued in all major reference guides, including Krause-Mishler, Schlumberger, Calicó, and Cayón. Exception 1: 1876(76) DEM G25P RESTRIKE is listed and commented on in Schlumberger, Calicó, and Cayón, but is not listed in Krause-Mishler. Exception 2: 1876 DEM G25P RESTRIKE, no date in stars, is listed in Schlumberger and Cayón, but is not listed in Krause-Mishler or Calicó, and is not recognized by NGC as a distinct variety. See Owner Comments for each coin.

Set Goals
Complete 12-Coin Set of Restrikes.

Slot Name
Origin/Country
Item Description
Full Grade
Owner Comments
Pics
View Coin 10 PESETAS RESTRIKE 1878 (*19-*61) SPAIN 1848 TO DATE 10P 1878(61) DEM RESTRIKE KM677 NGC MS 64 Mintage: 496.
Weight 3.225806 g. Purity 900 fine. Diameter 19 mm.
Gold content: 0.09334 ounce.
Portrait of Alfonso XII at age 18

Most of the images in this set and in my other sets are photographed by John Barber, a Director of the Greater Houston Coin Club.
View Coin 10 PESETAS RESTRIKE 1878 (*19-*62) SPAIN 1848 TO DATE 10P 1878(62) DEM RESTRIKE KM677 NGC MS 67 Mintage: 18,000.
Weight 3.225806 g. Purity 900 fine. Diameter 19 mm.
Gold content: 0.09334 ounce.
Portrait of Alfonso XII at age 18.

The 1878(*19-*62) 10 Peseta restrike is most common of all restrike issues, with mintage of 18,000 coins.
View Coin 20 PESETAS RESTRIKE 1887 (*19-*61) SPAIN 1848 TO DATE G20P 1887(61) MPM RESTRIKE KM693 NGC MS 65 Mintage: 800.
Weight 6.451612 g. Purity 900 fine. Diameter 21 mm.
Gold content: 0.18668 ounce.
Portrait of Alfonso XIII as a 1-year-old infant. Alfonso XIII was declared king at his birth on May 17, 1886.

The restrike die is from the original Type 1 ("pelón") authorization date of 1887 even though no original 20 Peseta coins of Type 1 were minted until 1889 under the authorization of 1889.
View Coin 20 PESETAS RESTRIKE 1887 (*19-*62) SPAIN 1848 TO DATE G20P 1887(62) PGV RESTRIKE KM693 NGC MS 67 Mintage: 11,000.
Weight 6.451612 g. Purity 900 fine. Diameter 21 mm.
Gold content: 0.18668 ounce.
Portrait of Alfonso XIII as a 1-year-old infant. Alfonso XIII was declared king at his birth on May 17, 1886.

The initials of the assayers and scale judge are "PGV." They should have been "MPM." The reverse-side dies for 1887 and 1896 were inadvertently switched on the 19-62 restrikes. Noted in Calicó and Aledón.
View Coin 20 PESETAS RESTRIKE 1896 (*19-*61) SPAIN 1848 TO DATE G20P 1896(61) PGV RESTRIKE KM709 NGC MS 64 Mintage: 900.
Weight 6.451612 g. Purity 900 fine. Diameter 21 mm.
Gold content: 0.18668 ounce.
Portrait of Alfonso XIII at age 9.

The restrike die is from the original Type 3 ("tupé") authorization date of 1896, even though no original 20 Peseta coins of Type 3 were minted until 1899 under the authorization of 1899.
View Coin 20 PESETAS RESTRIKE 1896 (*19-*62) SPAIN 1848 TO DATE G20P 1896(62) MPM RESTRIKE KM709 NGC MS 66 Mintage: 12,000.
Weight 6.451612 g. Purity 900 fine. Diameter 21 mm.
Gold content: 0.18668 ounce.
Portrait of Alfonso XIII at age 9.

The initials of the assayers and scale judge are "MPM." They should have been "PGV." The reverse-side dies for 1887 and 1896 were inadvertently switched on the 19-62 restrikes. Noted in Calicó and Aledón.
View Coin 25 PESETAS RESTRIKE 1876 (*18-*76) SPAIN 1848 TO DATE G25P 1876(76) DEM RESTRIKE CAYON-17925 NGC MS 64 Mintage: Estimated at 100 (Soler y Llach).
NGC Census + PCGS Pop.: 3 total,* all at MS 64.
Weight 8.064515 g. Purity 900 fine. Diameter 24 mm.
Gold content: 0.23335 ounce.
Portrait of Alfonso XII at age 18.

"A small part of the newly struck 25 Pesetas [restrike] carries the date 18-76 in the stars." –Schlumberger

The restrike of 1961 began with the star date 18-76. A short time into the coinage, FNMT decided to use 19-61 or 19-62 in the stars, rather than 18-76, because 18-76 caused confusion with original coins minted in 1876. ("La reacuñación del año 61 pero con fecha en estrellas 18-76.... Al poco tiempo de la acuñación, la Fábrica decidió poner en las estrellas la fecha 61 ó 62." –Cayón)

This restrike variant is catalogued in Schlumberger (#281a), Calicó (#2a), and Cayón (#17925) but not in Krause-Mishler. This example has been graded and authenticated by NGC, and also has been authenticated by Millon & Associés in Marseille.

This restrike variant is identified as a restrike, and not an 1876 original, using the following methods that are valid for all 20- and 25-peseta originals and restrikes:
(1) The fleurs-de-lis that are embossed on the coin’s edge** are smaller in the restrikes, larger in the originals. –Aledón, Calicó, Cayón, Schlumberger.
(2) The edge fleurs-de-lis on all RESTRIKES are in POSITION B, that is, they are upright when the coin is set flat with its obverse (portrait; “heads”) side facing up, whereas the edge fleurs-de-lis on all ORIGINALS are in POSITION A, that is, they are upright when the coin is set flat with its reverse (crest; “tails”) side facing up. –JohnA
(3) Restrikes have a redder hue than originals. (“más rojizo” –Aledón, Vico-Segarra)
All three methods can be seen in the image (above right) that compares this restrike example with an original.

*Besides these 3, additional 1876(76) Restrike examples have been graded by NGC and PCGS but are not identified as "RESTRIKE" on their capsule labels and are assigned to censuses for originals. Submitters should alert NGC or PCGS if an example is a Restrike so that it can be correctly labeled and assigned.

**All 20- and 25-peseta Alfonso gold coins have fleurs-de-lis embossed on the edge using a triple-segment collar: 18 fleurs-de-lis in three segments on 20-peseta coins, and 27 fleurs-de-lis in three segments on 25-peseta coins. All 10-peseta and 100-peseta gold coins have reeded edges.
View Coin 25 PESETAS RESTRIKE 1876 (sin fecha) SPAIN 1848 TO DATE G25P 1876(62) DEM SIN FECHA RESTRIKE CAYON-17926 NGC MS 64 Mintage: Not known.
NGC Census -- See below, second paragraph.
Weight 8.064515 g. Purity 900 fine. Diameter 24 mm.
Gold content: 0.23335 ounce.
Portrait of Alfonso XII at age 18.

A few 1876 25-peseta restrikes were minted "sin fecha," that is, without a date in the stars, as opposed to restrikes that have 18-76, 19-61, or 19-62 in the stars. The lack of a star date was probably not deliberate (Spanish law required a star date) but resulted from weak or imperfect striking.

This variant is catalogued in Schlumberger (#281b) and Cayón (#17926), where it is listed after 1876(76) RESTRIKE and before 1876(61) RESTRIKE. It is not catalogued in Krause-Mishler or Calicó. This example has been authenticated by Cayón Numismática in Madrid, and has been graded and authenticated by NGC. NGC formulated a new label for this example ("1876 DEM SPAIN G25P RESTRIKE") with no parenthetical star date, and authenticates that the coin is "sin fecha," but NGC regards "sin fecha" as a mint error, not a distinct variety, and assigns this coin to its census for 1876(62) RESTRIKE where, according to NGC, it belongs with 95% probability, since 6000 of the 6300 restrikes were of 1876(62) RESTRIKE issue.

The coin is identified as a restrike, and not an 1876 original strike, using the methods detailed in the Owner Comments for the Previous Slot in this set, 25 PESETAS RESTRIKE 1876 (*18-*76).
View Coin 25 PESETAS RESTRIKE 1876 (*19-*61) SPAIN 1848 TO DATE G25P 1876(61) DEM RESTRIKE KM673 NGC MS 64 Mintage: 300*
Weight 8.064515 g. Purity 900 fine. Diameter 24 mm.
Gold content: 0.23335 ounce.
Portrait of Alfonso XII at age 18.

*Approximately 100 of the 300 restrikes were minted with 18-76 as the star date, rather than 19-61. Please see Owner Comments for 1876 (*18-*76) Restrike.

The 1876(*19-*61) restrike, along with the restrike variants 1876(*18-*76) and 1876(*no date*), are the scarcest of the restrike issues. Please see my Custom Set for Official Restrikes for a full explanation of 1876(*no date*), at the Slot for 1876 (sin fecha).
View Coin 25 PESETAS RESTRIKE 1876 (*19-*62) SPAIN 1848 TO DATE G25P 1876(62) DEM RESTRIKE KM673 NGC MS 67 Mintage: 6,000.
Weight 8.064515 g. Purity 900 fine. Diameter 24 mm.
Gold content: 0.23335 ounce.
Portrait of Alfonso XII at age 18.

Common restrike issue, uncommon grade.
View Coin 100 PESETAS RESTRIKE 1897 (*19-*61) SPAIN 1848 TO DATE G100P 1897(61) SGV RESTRIKE KM708 NGC MS 64 Mintage: 810.
Weight 32.25806 g. Purity 900 fine. Diameter 35 mm.
Gold content: 0.9334 ounce.
Portrait of Alfonso XIII engraved in July 1895 at age 9.

I purchased this outstanding example from Wilkison International Numismatists in Nashville in January 2010.
Dr. Wilkison collected only the finest examples and I have always been grateful to have found and acquired this coin.
View Coin 100 PESETAS RESTRIKE 1897 (*19-*62) SPAIN 1848 TO DATE G100P 1897(62) SGV RESTRIKE KM708 NGC MS 64 Mintage: 6,000.
Weight 32.25806 g. Purity 900 fine. Diameter 35 mm.
Gold content: 0.9334 ounce.
Portrait of Alfonso XIII engraved in July 1895 at age 9.

Counterfeits of this 1897(62) coin that use a particular fake die are seen occasionally at coin auctions, but they can be spotted with a trained eye. Look for differences in the reverse-side coat of arms such as the shape of the castle stones, or the position of the Aragón dots and stripes, or the inner linkages in the chain's center link, or the stems and shoots of the fleurs-de-lis; and differences in some numbers and letters, such as the 8 in 1897, the D in "DIOS," the P and the final S in "PESETAS," and the tilde of the Ñ in "ESPAÑA." Also, the denticles around the rim, both obverse and reverse, are narrower in the counterfeit, wider in the authentic. And authentic coins have 152 denticles around the reverse rim, whereas counterfeit coins have only 148 denticles. (Both authentic and counterfeit coins have 148 denticles around the obverse rim.) Authentic restrikes used only the original 1897 dies. There are NO authentic die variations.

You can view high-resolution photographs of one of the counterfeits at Heritage Auctions online (ha.com). Refine your search to identify Lot 25760 and its images, which is a counterfeit that Heritage sold in its Auction 3015 on Sept. 9, 2011. Compare Lot 25760's photographs to photographs of any actual authentic coins, including Lot 25759 that Heritage sold on the same day, and also to my authentic coin pictured above.

According to Áureo & Calicó in Barcelona, the counterfeits were created by a private mint for the jewelry trade: "Falsa de joyería. Sirvió como joya." This is reiterated by Soler y Llach in Barcelona, "Reproducción.... Realizada con posterioridad par su uso en joyería," and by Tauler & Fau in Madrid, "Reproducción de joyería."

The counterfeits contain real gold but their purity is suspect. Soler y Llach and Tauler & Fau consider the purity of the counterfeits 750 fine. APMEX described a counterfeit as having 2.8 mm thickness, which would imply a lesser-purity gold coin trying to match the weight of an authentic 900-fine coin (authentic coins have 2.4 mm thickness). But even at equal weight a 750-fine counterfeit would contain 1/6 less gold than a 900-fine authentic coin.

In a June 18, 2019, auction by Tauler & Fau in Madrid (E-Auction 32, with seven counterfeit and five authentic examples of comparable grades up for auction), counterfeit examples sold for an average of 68% of authentic examples ($851 vs $1246, average hammer price at the euro/dollar exchange rate on the auction day).

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