Owner Comments:
The Spanish 1-centimo coin is the lowest denominated coin of the peseta monetary unit whereas 100 centimos equal one peseta. This 1870 dated bronze coin weighs one gram and is 15mm in diameter. The mintage of this coin is 169,890,697. Despite the large mintage, mint-state specimens of this coin are very scarce.
Perhaps one explanation for the lack of mint-state coins is that it would be until 1906 before the 1-centimo would be minted again. It seems that the intention was for the original mintage of coins to circulate until they had worn sufficiently to justify another mintage. Certainly, a mintage as large as this is of sufficient numbers to meet the needs of Spain’s economy for quite some time. Furthermore, it is possible that these coins were not all minted in 1870. Eventually, the 1-centimo coin was demonetized on October 29, 1941.
As part of the financial reform instituted by the Spanish Provisional Government, all the mint facilities were to be closed and consolidated at the mint facility in Madrid. The usage of the 6-point star representing Madrid served as a mintmark until 1982. Starting in 1982 a “crowned-M” monogram became the official mintmark of the “The National Coin and Stamp Factory - The Royal Mint.”
Consequently, the 8-point stars on the reverse of this 1870 1-centimo coin denote that it was struck in Barcelona. The initials OM underneath the rampant lion represents Oeschger Mesdach & Company. Die cutters Oeschger Mesdach & Company were contracted by Spain to mint all the bronze coins of the Spanish Provisional Government in Barcelona.