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“Caballito" Silver Un Peso and Large Silver Crowns

Category:  World Coins
Owner:  USMA67
Last Modified:  11/27/2012
Set Description
The beginning of the Mexican Revolution in 1910 saw the emergence of a new silver Peso, the famous "Caballito," one of the most beautiful Mexican coins ever commissioned. This commemorative coin was struck in .903 silver to celebrate the Centennial of the beginning of the War of Independence. The dramatic design shows a woman riding a small bucking horse, a torch in one hand held high in triumph, a laurel branch for peace in the other, along with the date. The reverse has the Mexican National Emblem, the Golden Eagle standing on a cactus plant with a snake in its beak, surrounded by the inscription "ESTADOS UNIDOS MEXICANOS" and “UN PESO”.

The “Caballito” Peso was minted from 1910 thru 1914. Die variations exist in two of those years. The first variation is on the 1911 Peso. Two designs were minted, a “Short Ray” and a “Long Ray” type, referring to the length of the sun's ray on the lower left side. The "Short Ray" is a carry-over from the 1910 dies and it is unclear how many coins were produced before new dies with the lengthened ray were placed in service.

The second variation occurred in 1913. The 1913 production includes a number of overstrikes on 1912 coins, again no quantity is known. The overstrikes diminished the population of 1912 coins, making 1912 the second smallest in primary production only to 1914. 1914 is an extremely difficult year. I have recently added a 1914 MS63 after years of building various sets of Mexican coins. Very few collectible 1914s have surfaced. Only 120,000 were minted in the turbulent waning days of the Revolution and I suspect most were destroyed.

This is an unusual time in numismatic history because the US had minted the Morgan Silver Dollar between 1878 and 1921, with a notable break in production taking place between 1905 and 1920. Mexico’s new Peso put a beautiful coin on the world stage, unchallenged by comparable years of Morgan dollars. Additionally, the “Caballito” Peso contained .7859 oz of silver as compared to the Morgan at .7736 oz. These silver Pesos were the high point of Mexican silver coinage. Their popularity extended not only throughout North America, but the Far East as well.

By the end of the Revolution, the value of the Peso could not keep up with the value of its silver content. Starting in 1918, coin size and silver fineness decreased accordingly. The silver Peso between 1918 and 1945, which brought back the “Cap and Ray” design, continued the Mexican tradition of beauty and numismatic craftsmanship. A new silver Peso of .500 fineness was struck in 1947 with the Mexican Eagle on the obverse and the legend "Estados Unidos Mexicanos”. The reverse shows Jose Maria Morelos. This coin was minted only from 1947 through 1949. The silver content dropped to .300 in 1950, with a new portrait of Morelos on the reverse. No reference was now made to silver content on this Peso, and eventually, all silver content would disappear in 1970 when a cupro-nickel Peso was introduced.

I have added a 1949 Morelos Un Peso to the set. Not necessarily a "crown" as I would describe it, nevertheless this coin is extremely interesting. As silver value grew to exceed the Peso, the 1949 coin was prepared but never issued. This MS63 coin represents one of only less than a hundred that escaped the mint. The rarity and uniqueness speaks for itself.

In spite of the increasing disparity of currency value to silver content, Mexico did mint a number of large, well designed coins of higher Peso face value before bi-metallic coins were the only currency issued. I have added them to this collection of the Caballitos.

The 1921 Dos Pesos is the silver companion to the gold 50 Pesos or “Centenario”, both coins originating in that year to celebrate 100 years of Independence from Spain. The Dos Pesos is struck in 900 fine silver with .7717 oz of silver content. The Dos Pesos is a one-year type, while the 50 Pesos gold coin developed a continual history until 1947. Restrikes of the 1947 gold 50 Pesos continue to this day as bullion.

The 1947 and 1948 Cinco Pesos continued Mexico’s practice of minting general currency from 900 fine silver. But to compensate for Peso versus silver value, the face value had risen. Total silver content is .8681 oz, and at 30 grams total weight it was a hefty pocket coin.

The 1950 Cinco Pesos is a one-of-a-kind commemorative coin minted to celebrate the opening of the Southern Mexico Railroad. Of an initial 200,000 coins, half were reclaimed to help produce the silver 1968 Mexican Olympic 25 Pesos. The 1950 Cinco Pesos is a popular coin for its numismatic artistry and becoming difficult to find in MS condition. Struck in 720 fine silver it contains a total of .6431 oz of silver. This MS66 is a rare example and my favorite Mexican silver coin.

I have included a 1955, 1956 and 1957 10 Pesos struck from 900 fine silver with .8357 oz of silver content. Then a 1960 10 Pesos was minted with like characteristics, to celebrate the 150th Anniversary of the War of Independence. This apparently concludes the production of currency coinage from 900 fine silver. Bullion issues in 900 silver, however, continue to this day.

Other interesting coins of the era include an MS65 1957 5 Pesos and an MS63 1957 5 Pesos "Centenario de la Constitucion de Mexico". The latter was small production along with the companion 10 Pesos "Constitucion" at a time silver coins were leaving the monetary scene.

It is significant to include a one-time issue produced in 1968, a 25 Pesos in observance of the XIX Summer Olympics in Mexico City. This coin includes the silver from the 100,000 coins reclaimed from the 1950 Cinco Pesos, and was issued with three different die variations. Struck in 720 fine silver, the silver content is .5209 oz. The initial production became Type 1. Then, with an alteration to the Olympic rings on the obverse, namely the center ring dropping lower than a line drawn tangentially between the two outer rings, Type 2 is designated. Finally, that design was modified on the reverse by engraving a distinct curve in the serpent’s tongue, and Type 3 was born. Records don’t break out what quantities of the three types make up the mintage of 27,182,000 coins; but collectors know that Type 1 is more common than Type 2, and Type 3 seems a bit rare in the coin population.

Photographs are included of all of the coins, to complement the historical and numismatic backgrounds of the coins in this particular timeframe.

Set Goals
Outstanding examples of the beautiful Silver Peso minted between 1910-1914 known as the "Caballito", plus other significant Silver Crowns of the United States of Mexico.

Slot Name
Item Description
Full Grade
Owner Comments
View Coin S1P 1910 MEXICO - 1905 TO DATE PESO 1910 NGC MS 64 First year Caballito. Pillet design with the short lower left ray. Mintage was 3,814,000.
View Coin S1P 1910 MEXICO - 1905 TO DATE PESO 1910 NGC MS 63 Well struck first year coin. Shows some toning and light surface wear.
View Coin S1P 1911 L MEXICO - 1905 TO DATE PESO 1911 LONG RAY NGC MS 63 Bright and well-struck, very light circulation marks or bag marks. Part of 1911 production was done with old dies and a short ray. See next coin.
View Coin S1P 1911 L MEXICO - 1905 TO DATE PESO 1911 LONG RAY NGC MS 62 Very firm strike and light toning. Clear fields and no wear - the only marks are a couple of bag marks.
View Coin S1P 1911 S MEXICO - 1905 TO DATE PESO 1911 SHORT RAY NGC MS 62 Dies were revised during 1911 to a long lower left ray. Quantity of "Short Ray" that was produced is unknown, but it is very scarce. Mintage for both variations was 1,227,000.
View Coin S1P 1912 MEXICO - 1905 TO DATE PESO 1912 NGC MS 64 Very bright, clean coin with a firm strike. Minimal marking, perhaps bag marks. Rare for 1912.
View Coin S1P 1912 MEXICO - 1905 TO DATE PESO 1912 NGC MS 62 1912 Caballitos are relatively scarce. Mintage was 322,000. This coin is very bright and well-struck.
View Coin S1P 1913 MEXICO - 1905 TO DATE PESO 1913 NGC MS 64 This is a beautiful coin. It is well-detailed, bright and clean. 1913 mintage was 2,880,000, including overstrikes from 1912 production.
View Coin S1P 1913 MEXICO - 1905 TO DATE PESO 1913 NGC MS 64 Nice strike, moderate toning with good eye appeal. Minor bag marks only.
View Coin S1P 1913/2 MEXICO - 1905 TO DATE PESO 1913/2 NGC AU 58 Nice coin with moderate toning. Some minor circulation wear and good details.
View Coin S1P 1913/2 MEXICO - 1905 TO DATE PESO 1913/2 NGC AU 58 1913/2 overstrikes were part of total mintage, but actual quantity is unknown. This coin is very clean with nice details.
View Coin S1P 1914 MEXICO - 1905 TO DATE PESO 1914 NGC AU 58 1914 Peso is the scarcest of all the years in the Caballito series. Mintage was 120,000. This coin is bright and well-struck with light circulation wear. -
View Coin S1P 1914 MEXICO - 1905 TO DATE PESO 1914 NGC MS 61 1914 is a very difficult year to find in MS. This coin is a moderate strike, lightly circulated, with some toning.
View Coin S1P 1914 MEXICO - 1905 TO DATE PESO 1914 PCGS MS 63 This is a rare coin. Between NGC & PCGS, only 5 known MS63 and 1 MS64. Some toning, but the detail is excellent. Only 120,000 coins were minted during the final chaos of the Revolution and few survived.
View Coin S2P 1921 MEXICO - 1905 TO DATE S2P 1921Mo INDEPENDENCE CENTENNIAL NGC MS 64 Newly acquired - a beautiful strike. Minor bag marks and minor wear - some feathers still evident on eagle's upper leg. -
View Coin S5P 1947 MEXICO - 1905 TO DATE S5P 1947Mo NGC MS 63 Beautiful well-struck silver platen, slight contact marks and minor slide wear. -
View Coin S5P 1948 MEXICO - 1905 TO DATE S5P 1948Mo NGC MS 64 Another beautiful, well-cared for coin. No wear, only contact marks. -
View Coin S1P 1949 MEXICO - 1905 TO DATE PESO 1949Mo NGC MS 63
View Coin S5P 1950 MEXICO - 1905 TO DATE S5P 1950Mo SOUTHERN RAILROAD NGC MS 66 My favorite coin! Magnificent example of a rapidly disappearing coin.
View Coin S10P 1955 MEXICO - 1905 TO DATE S10P 1955Mo NGC MS 62 Nice, well-struck coin - evidence that Casa de Moneda had coin art perfected in newer silver coins. Slight wear. -
View Coin S10P 1956 MEXICO - 1905 TO DATE S10P 1956Mo NGC MS 60 Good strike, bright silver. Minor wear and contact marks. -
View Coin S5P 1957 MEXICO - 1905 TO DATE S5P 1957Mo HIDALGO NGC MS 65 Very nicely struck coin. This illustrates the proficiency of Mexican coinage of the era.
View Coin S5P 1957 C MEXICO - 1905 TO DATE S5P 1957Mo CONSTITUTION CENTENNIAL NGC MS 63 Well-struck, slightly circulated 5 Pesos of the low mintage (200,000) Constitution Centennial.
View Coin S10P 1957 C MEXICO - 1905 TO DATE S10P 1957Mo CONSTITUTION CENTENNIAL NGC MS 64 Excellent strike and a bright 900 silver coin. Only 100,000 coins produced for the Centennial.
View Coin S10P 1960 MEXICO - 1905 TO DATE S10P 1960Mo INDEPENDENCE ANNIVERSARY NGC MS 63 Nice strike. Several contact marks and real slight slide wear. -
View Coin S25P 1968 T1 MEXICO - 1905 TO DATE S25P 1968Mo EVEN RINGS NGC MS 66 Pristine coin, right from the mint wrapper. Minor die hopper marks. -
View Coin S25P 1968 T2 MEXICO - 1905 TO DATE S25P 1968Mo CENTER RING LOW NGC MS 64 Good strike, dull fields, some bag markings. -
View Coin S25P 1968 T3 MEXICO - 1905 TO DATE S25P 1968Mo SNAKE TONGUE CURVED NGC MS 63 Harder coin to find in this condition. Minor handling marks. -

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