Owner Comments:
I cannot stress how rare this medal is and how happy I was to get it. Likely minted in Guatemala, or less likely, with dies from Guatemala. It is difficult to know how many are graded as none show on the census under Mexican medals for Grove 36a (under NGC census for medals). However, there are 2 listed under Nicaragua proclamation issue KM#2 (clearly an error as the medals were issued by Mexico when Nicaragua was part of the Empire), one at F and one at 61. The MS61 (I was the underbid) was sold by Stack's and Bowers in 2015. Heritage has listed 1, (this very coin) when it was sold raw in May 2008. At that time was listed as "Augustin I Iturbide Proclamation Real 1822, KM-M2, toned AVF, an attractive original example of this very scarce type struck during the brief period of Mexican domination in Central America. Most examples seen in the market have been holed or mounted". There is another one listed by Harford Coins on Vcoins.com listed as "AR 1 Real or Proclamation medal, 20.65 mm, 3.35 g
Mexican Empire of Agustín Iturbide (1822-1823)
León de Nicaragua, probably minted at Guatemala City, Guatemala.
O: bust of Iturbide left, date below
. AUGUST . 1 . EMP . [-] DE MEXICO . 1822
R: volcano and lion rampant inside an oval, all within a garland of flowers.
PROCLAM . EN LEON DE NICAR . A . 2 . DE LA INDEP . Grove-36a, KM #M2. VF, once gently cleaned, now somewhat retoned. There is a small attempted puncture just below 12:00 on the reverse. Comparable, in terms of wear, to the example plated in Grove, which was holed through. Superior detail to the Luis Flores collection example (Stacks Bowers Jan. 2013, NYINC auction #179, lot 4626 [graded as F12 and clearly inferior to the present medal]). Free from the adjustment marks that seem to usually occur on this issue. A rare coin/medal from the short period while Nicaragua was part of Iturbide’s Mexican Empire. This issue is one of the earliest distinctly Nicaraguan issues, and most likely circulated as money, as many of the known examples are quite worn."
Another example was listed by the Mexican Coin Company (now World Numismatics). That specimen was raw and likely to grade G or AG if submitted. Carlos Jara from the Mexican Coin Company published a note (2014) in their bulletin that shows a picture of an AU-MS with heavy adjustment marks that is clearly not the MS61 sold by Stack's. In this note by Mr. Jara he wrote about the Nicaragua issue: "This city acknowledged receipt of the September 9 decree in late November 1822. The corresponding medals were minted in late 1822, but, similarly to the Chiapas medals, no mintage records have been found. Only silver specimens are known, and they are traditionally considered the rarest among the silver specimens of these series. They remain very scarce in any grade and are often seen holed."
The reverse strike is always very soft and I have never seen a medal with a clear lion on the field, not even the MS61 or the mentioned one provided by Mr. Jara.
From the sale's catalogue: "NICARAGUA. Silver Proclamation Coinage (Real), 1822. NGC MEDAL VF-25. 21 mm. Grove-36a; KM-M2. Obverse: Bust of Iturbide facing left, legend around; Reverse: Volcano and lion facing left within wreath, legend around. Struck to Real size. Attractively presented with few marks, honest wear over the surfaces and original pale gray color over both sides. A VERY SCARCE and highly demanded issue."