Uruguay: Republic Overstruck "Montevideo Siege" Peso 1844 XF45 NGC,...

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Fascinating Peso Fuerte Struck over a Draped Bust Dollar - One of Just 3 Examples We Have Traced

Republic Overstruck "Montevideo Siege" Peso 1844 XF45 NGC, Montevideo mint, KM5, WR-1, Elizondo-1, Lezama-Plate IV, Almeida-032 (R1), Almanzar/Seppa-UR100, SA-7.1.1R. Coin alignment. Overstruck on a 1799 United States Draped Bust Dollar (cf. B-17, BB-164 [R2]). A fantastic rarity of both the Uruguayan and the broader Latin American series to say the least. Already counted as among the most targeted coins of Uruguay, the so-called Peso del Sitio ("Peso of the Siege") or Peso Fuerte ("Solid Peso") represents both an incredible historical relic of the period and a true artistic wonder. Following on the heels of a long civil war and General Oribe's failed siege of Montevideo, it was proposed that the city establish a mint to help defray the costs of the conflict and to strike coins to honor those who had heroically defended the city. Reportedly inspired by the early Draped Bust Dollars of the United States produced during the 1790's, the new design carried 9 stars on the reverse, possibly intended to represent the nine departments of the country--much in lieu of the states represented by the stars on its "prototype." Though early scholars such as Medina and Rosa largely did not comment on the program of overstriking used in minting several of these Pesos, later scholarship and auction appearances provided greater insight into the variety of hosts employed in making the new coins, with Almeida recording Bolivian 8 Soles, Neapolitan "Two Sicilies" 120 Grana, Republican Mexican 8 Reales, and a Spanish 8 Reales all used as planchets. Undoubtedly, the most coveted of these are those struck over the Draped Bust Dollars from which they drew inspiration, of which we have been able to trace only two other examples:

1) The ANS Collection specimen (1987.81.42). Hans Schulman Public Coin Auction (February 1969, Lot 749)
2) Kagin's 1983 ANA Convention Sale (August 1983, Lot 1722)

In his paper "America's silver dollars" presented at the Coinage of the Americas Conference in 1993, John Kleeberg knew of only two surviving pieces: the present coin and the ANS example. Though Al Almanzar and Dale Seppa carried forward Carlos Elizondo's observation that some such pieces were known, they admitted to never having seen any as of 1971. What is of even greater interest for these other two specimens, however, is the fact that both were recorded as having been essentially Prooflike, a characteristic shared with the Montevideo Peso struck over a "Two Sicilies" 120 Grana from the Andres Lamas Collection (itself certified PR61 by NGC). Both of these coins also featured a 1798 Dollar as their hosts. Such suggests that both of those pieces may have been minted from fresh dies, perhaps for presentation purposes to the heroes of the struggle, whereas the coin on offer here exhibits mild evidence of circulation.

Given the already small predicted mintage for the type--around 1,500 according to Medina, or around 1,226 according to Artúnez--the fact that so few examples of this host remain accessible to collectors only adds further force to just what a one-of-a-kind opportunity this lot affords. Simply an absolute star of a coin, and one of the true highlights of this collection.

Ex. Worrell Collection (Superior September 1993, Lot 856)

From the Long Island Collection

Metal: Silver
Diameter: 40mm
Weight: 27g
ASW: 0.7595oz
Mintage: 1,500

View all of [The Long Island Collection ]

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