Spain 1868 25M Commemorative Coin Battle of Alcolea Queen Isabel II NGC MS63BN

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Item Description

This item is part of a Special Collection 

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1868a                    25 milesimas 

                        de escudo       

Spain

Queen Isabel II

Segovia mint

Mintage: 10,000

The only commemorative coin issued 

in the Queen Isabel II period.

Commemorates the Battle of Alcolea 

at which the armies of Pavía and Serrano clashed.

The rebel faction was victorious, Queen Isabel II deposed, and Spain celebrated a new beginning.

obv: Aqueduct surrounded by legend: SOBERANIA NACIONAL. 

rev: Legend: * ESPAÑA LIBRE * 25 MILESIMAS DE ESCUDO surrounds wreath and inscription: 29 DE / SETIEMBRE / 1868

Following the Battle of Alcolea and the departure of Queen Isabel II on 29 September 1868 the first and only commemorative coin associated with Isabel II's reign was issued. This coin commemorates the event and proclaims Spain free.

This commemorative was issued with a value of 25 milesimas de escudo. The then current standard for fractional coinage at the time was céntimos de escudo and so this denomination is equivalent to 2.5 céntimos de escudo.

It is true that this coin was made after Isabel II was deposed and many think of it as exclusively a provisional government issue. However, the prominence of the date of Isabel’s departure on the coin and the fact that its denomination is based on the escudo system of Isabel’s Spain allows for some interpretation. In this author’s opinion, this can fairly be considered the final coin of the era of Isabel II and an interesting link between her reign and the new provisional government which soon after established a monetary system based on the peseta.

This particular coin has stunning deep purple iridescent luster on both sides with hints of red at the perimeter on the reverse.

NGC MS63BN

Exceptional Eye Appeal

Among the finest known examples.

and Pop 1/1 at PCGS (one graded higher)

very scarce in circulated grades, 

very rare in uncirculated grades

(based on Rarity estimates in The Coins of Queen Isabel II)

Æ 25mm 12h Edge: plain

O’Connor p.159 25M-C-1868a

ex Barinaga; ex O’Connor Collection

In the late 1850's and early 1860's an influx of foreign investment combined with Spanish military victories in northern Africa dramatically improved the morale of Spain. Nationalism and prosperity were on the rise.

However, Spain's many revisions of its coinage continually failed to prevent export of its silver coins. Despite reducing the purity and weight in 1848 and again in 1854 the silver 20 reales coins still contained more silver than the 25 gram French 5 francs which were used interchangeably in commerce. Enterprising persons could exchange French 5 franc coins or 100 reales gold coins for an equal face value of Spanish 20 reales silver coins and make a profit simply by moving them from one place to another. All the better if the current gold to silver exchange ratio was favorable. Repeating the process several times was quite lucrative. However, it was devastating to Spain's limited supply of silver and to routine commerce. Average citizens of Spain were left with fewer and fewer coins with which to conduct daily business. Since very little paper money was issued by Spanish banks relative to the supply of coin, what coins remained were used to exhaustion. And despite efforts of Spanish government to ban foreign coins, the coins of France and other countries continued to circulate in Spain.

By 1864 officials from several countries in Europe were meeting to discuss standardization of coinage to facilitate trade and combat the problems of having different gold to silver exchange ratios. The Latin Monetary Union was formed in 1865 among France, Belgium, Italy, and Switzerland. It standardized the exchange ratio of gold to silver and established coin specifications based on the existing French coins. Based on this, the correct weight of a 5 franc or 20 reales coin to make them directly interchangeable would be 25.0g at 0.900 fine yielding 22.5g of pure silver.

A royal decree of 26 June 1864 introduced the escudo as the primary monetary unit of Spain and began the Third Decimal period. This was the perfect opportunity to again revise the specifications of Spain's silver duro to match the specifications of the French 5 franc, thus preventing export of these large silver coins. Sadly, that did not occur. The decree was the first in Spain to specify coin weights in grams rather than "marco". It slightly reduced the weight of the 1 escudo (which replaced the 10 reales) and reduced the purity of smaller silver coins. However, the silver 2 escudos replaced the 20 reales at…exactly the same purity and weight as before. As a result, the 2 escudos and 1 escudo coins continued to be exported.

As the French 5 franc had been a 25.0 gram 0.900 fine coin for decades the Spanish government's repeated failure to match the 20 reales coin to the weight and purity of the 5 franc is puzzling. The Spanish silver duro had been the world standard for so long that one wonders if something as simple as national pride may have continually prevented Spanish ministers from taking the more logical course of action.

After the revolution of 1868 and Isabel's departure for France a provisional government was formed that would soon revise the coinage system again. This new coinage system would establish the peseta as the standard unit of account. Five pesetas was equivalent to 2 escudos and the new 5 peseta coins were finally made equal in weight and purity to the French 5 franc coins.

The coins of the 3rd Decimal period (1864-1868) include:

Bronze:  1/2, 1, 2+1/2, 5 céntimos de escudo

Silver:     10, 20, 40 céntimos de escudo, 1 and 2 escudos

Gold:      2, 4, 10 escudos

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