Owner Comments:
General Comments:
1835 B Cuzco is a one year type coin, and the first coinage of debased moneda feble in Peru (along with the 4 Reales of the same year). Striking began by July 22nd, 1835, while Gamarra was in control of Cuzco. As a type coin it is distinct not just for being debased, containing .6667 silver instead of .903 (note that Krause is incorrect on their reported silver percentage) but also having CUZCO abbreviated "CUZ" instead of spelled out fully as on previous 2 Reales.
Orbegoso, the constitutional president, faced opposition from Gamarra in the South and Salaverry in the North. Gamarra had learned of the potential profits of striking debased coins during his exile in Bolivia in 1834 due to a failed insurgency.
The striking of the Peruvian debased coins of 2 and 4 Reales started after Gamarra signed a treaty with Santa Cruz of Bolivia which sought to unite the two countries in confederation. Santa Cruz was later to switch sides and sign a treaty with Orbegoso. Gamarra was defeated at the battle of Yanacocha by Bolivian forces.
The debased coins of Bolivia (struck since 1830) and Peru aided the current war effort of Santa Cruz. The problem of moneda feble would not be solved for nearly thirty years; debased coins would become the main circulating coin in Peru, as the good money was driven from the country.
Unlike the very common 1836 4 Reales, which was struck with a "frozen date" until perhaps 1840, the 1835 Cuzco 2 and 4 Reales do not appear to have been struck in future years. The 2 Reales is somewhat common in low grades. But coins are almost always worn flat or nearly so and often with damage. Coins of this date with even a modicum of detail are scarce to rare.
Varieties:
Type 1:
1. Bottom of Liberty's pole does not touch ground, ends above right serif of "F". Stem points to left corner of 5 in date (FC)
2. Same as #1 but stem points to middle of the top of 5. Smaller date. (FC)
3. Stem points to middle of the top of 5. Larger date. (FC)
4. Stem points to middle of the top of 5, larger date, ribbon goes out far enough to be fully under assayer initial "B". (FC)
Type 2:
2. Bottom of Liberty's pole ends in ground, which is less flat than above. Pole would end at left serif of "F". Possible overdate 3/2. (FC)
I have only seen one example of type 2.
Availability:
G-F: Somewhat Common
VF: Scarce
XF-AU: Rare
60+: Very Rare
Population Report (January 2018):
NGC: One in 62
PCGS: None graded
ANACS: One in 50
Total graded 2; 1 in Uncirculated
Value Guide:
1972 Almanzar/Seppa: G: 5 VG: 8 F: 15 VF: 22.50 XF: 35
2009 KM: VG: 12 F: 25 VF: 45 XF: 90 UNC: 275
Current KM: VG: 12 VF: 45 XF: 100 UNC: 300
Almanzar/Seppa did not list 1835 B as it's own type, lumping it in with the earlier "CUZCO" 2 Reales. The lowest price for an earlier Cuzco 2R was $50 in XF in that book. This is a smaller spread than Krause's $100 to $220 in XF.
Krause mistakenly lists this coin as .9030 silver.
The current price points seems reasonable at the low end. In higher grades, any problem free coins with nice strikes should expect much stronger prices. The Whittier MS 62, which sold for $276 in 2006 could easily sell for double now, or $550.
Selected Auction Results:
Heritage June 2006 Whittier NGC MS 62: $276 (This coin has a worse strike on both sides than my set specimen)
Ebay 1/21/18 ANACS AU 50 $328.75 (My coin, four underbidders were above $250)
Set Specimen:
Currently in an old ANACS white cache, which can not be added to the set. AU 50, conservatively graded. Liberty's garb is fully outlined, the strongest details I've seen for this date; a much stronger strike than the Whittier MS 62. Sporting a pleasing light patina as an old wiping has pleasantly retoned. Type 1, #1.