Colombian 1770 Pillar Dollar

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Colombian 1770 Pillar Dollar

A World of Money: A Colombian Pillar Dollar Discovery

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Until three years ago, no one even knew that the 1770 Nuevo Reino Pillar Dollar existed. That changed quickly, however, when an amazing stash of 14 coins was found during the bulldozing of a parking lot in Bogota that was being razed for a new building. Buried beneath the dirt and the decades was the old foundations of the Nuestra Senora del Pilar church. The church, which existed from 1770 until 1948 when it was set ablaze during riots, was also a convent and school for girls. The church was eventually torn down and the area turned into a parking lot. When construction began on a new building three years ago and crews started digging, a small group of coins turned up — including the 14 1770 Nuevo Reino Pillars.

 

Now, of the two that aren't already in private hands, or held by private institutions, the most pristine will be a featured lot in Heritage's May 31 Long Beach World Coin Auction. It is estimated at $60,000-$80,000. It is officially listed as a Carlos III Pillar 8 Reales 1770NR-VJ, KM39 (Date Unlisted), Calico 1000, Cayon Unlisted, MS64 NGC.

 

The amazing thing about this Pillar Dollar is that we can actually trace it to the very day and place of its minting. The entire history of this coin, and the reason for which it was created, is right on its face

 

Few world crowns demand as much numismatic interest as the Columnarios, or Pillar Dollars, that were struck from 1732 to 1773 in numerous Spanish mint houses throughout the Americas. By the second half of the 18th century, the Pillar Dollar had truly become "world currency," finding wide use both in Europe, the United States (where it was legal tender) and the Far East. Both old and new worlds are depicted on the coin's obverse and are crowned between the two pillars of Hercules with legends "VTRAQUE VNUM" (both are one). On the reverse, the arms of Castille and Leon are displayed under the Spanish crown with the denomination "8" to the right, assayer initials to the left.

 

Of all the Pillar Dollars minted, the pieces struck in Santa Fe de Bogota, Nueva Granada (today Colombia) at the Nuevo Reino mint are perhaps the most desired among collectors and numismatists worldwide. This is one such coin. They were only struck in 1759, 1762 and 1770 — all are extremely rare with very few specimens known.

 

Spanish tradition says that when the first foundation stone is laid it is blessed and, in specific cases, the stone is carved and coins are placed inside. Inside this particular Bogota stone were more than 100 coins, mostly cob 2 Reales, a few gold cobs, and numerous circulated Pillars from Mexico. Since there are no previous records of 1770 Nuevo Reino Pillars, it is likely that these pieces were struck specifically for the ceremonies at the Nuestra Senora del Pilar Church.

 

All of the coins found have been sold to private collectors and museums in Colombia and Spain. The original purchaser of the coins kept the two highest quality coins for himself, and the piece Heritage is presenting is one of those two. With an incredibly strong and sharp strike, most — if not all — of the original luster is remaining. [/font]

[World Colonial]

I saw that coin in the Heriate auction and it is an absolutely fabulous piece. All Colombia (and Chile) pillar coinage is very rare. The only others known (or at least listed) are 8R from 1759 and 1762, a 1760 1R and (I believe) a 1760 1/2R. There was a 1R for sale in the 2004 Cayon auction but I never saw the realized price.

 

My source for this information is the Gilboy reference book, The Milled Columnarious of Central and South America. I do not have my copy with me but this particular issue is also not listed in this source.

 

Normally when I comment on coin prices, it is because I consider the coin overrpiced or ridiculously overpriced and it is almost always for a US coin.

 

If this coin only sells within that estimate, that would be a ridiculously LOW price for such a coin.

[ant]

i think i need to change my draws now! the strike on that is sexy!

[dooly]

That is a belting strike for a pillar .. but still is far to rich for me .. i could build a belting collection for the cost of one of them ..

[World Colonial]

Its far too expensive for me also but this is the way I look at it.

 

The pillar dollar even as a type coin is one of the most historical ever made and that is true of the "common" ones from Mexico not even considering one like this specimen.

 

Yet world coins like this sell for a pittance compared to equally scarce or in many cases, far more common and ordinary US coins because the latter are a "key" date from a popular series or a conditional rarity. Mint state Morgan dollars such as the 1889-CC and 1893-S sell for more than $80,000 and there is nothing particularly extraordinary about them. An example of a historical and extraordinary coin would be the 1776 Continental Currency dollar, yet some varieties of this coin in mint state can be bought for the same or even less than these two Morgans.

 

This pillar dollar is a very impressive coin and though it is less known and should sell for less, it is an equvalent rarity to US coins such as the 1804 and 1794 dollars. It should sell for less than these two coins but nowhere near the difference that will actually exist when it is sold.