by Greg Reynolds for CoinLink

On Oct. 23, the firm of Spink-Smythe auctioned the Frederick Mayer collection of Costa Rican coins. Please see part 1 for an overview of the event. Here in part 3, choice and/or interesting silver coins dating from 1850 to 1889 will be covered. Mayer’s Costa Rican gold coins will be discussed in part 4. The rare and fascinating Costa Rican coins of the Central American Republic (1823-40) are the subject of part 5. This series is designed so that someone who knows nothing about Costa Rican coins can learn a good deal about them and may appreciate the greatness of Mayer’s collection.

While many of the most important Costa Rican silver coins from the 1850 to 1889 era are discussed below, collectors should keep in mind that well circulated coins of the same dates are typically priced much lower than the auction prices cited.

Even the most expensive Costa Rican silver coins are less than 25% of the prices of parallel U.S. coins. “On average,” Freeman Craig concludes, “if a USA silver coin of the same decade in the same grade and of the same rarity, the Costa Rican counterpart will sell for under 10% as much.”

A modest budget can go a long way in terms of collecting scarce (or even really rare), attractive and often intriguing 19th century Costa Rican silver coins. It is not necessary, however, to acquire Costa Rican coins to enjoy learning about them. Moreover, even a collector who has never seen a Costa Rican coin can come to understand that the Mayer collection is awestriking. Also, the relationship between coins and history is of interest to a wide audience.

At some point in 1850, the Costa Rican coinage system was slightly changed. In the former system, which stemmed from the Spanish Empire, eight reales was the Spanish ‘dollar,’ the monetary standard. Sixteen reales equaled one gold escudo. In 1850, the new standard unit was the peso, which was similar in value to eight reales in the old system.

A one-eighth peso silver coin replaced the One Real coin. A one-sixteenth peso silver coin replaced the Half Real coin. It has about ten percent more silver than a U.S. half dime of the time period. These small silver coins widely circulated in Costa Rica.

An 1855/0 overdate 01/16 peso (lot #1070) in the Mayer collection is an unusually choice example of this type. A 01/16 peso coin has about 17.75% more silver than a U.S. half dime of 1855. Andy Lustig grades this 1855/0 as “MS-63 Prooflike.” I believe it might merit a higher grade. It garnered $450. Surprisingly to me, the next one, of the same date and type, sold for more, $510. These are very difficult to find in grades above AU-55. The whole 01/16 peso type is extremely scarce in all grades.

Though the precious metal content of a Costa Rican peso in 1850 was not quite that of a U.S. dollar, it was not much less. A quarter-peso was, approximately, the Costa Rican equivalent of a U.S. quarter. As quarter-peso coins are easy to find, are historically important, and are amazingly well represented in the Mayer collection, they will be discussed in detail.

There are three dates of the only type of Costa Rican quarter-peso coins, 1850, 1853 and 1855. Mayer had four 1850 quarter-peso coins of relatively high quality, plus some additional ones in a large lot of quarter-pesos of this type.

Mayer’s first 1850 (lot #1076) is fairly implied to grade MS-64 by Matt Orsini, the primary cataloguer of Mayer’s coins. This coin has probably never been cleaned. The obverse (front) by itself certainly merits an MS-65 grade. The shield glows, the fields are semi-prooflike and a natural grayish-green tone is cool. Andy Lustig regards it as a “slightly Prooflike Borderline Gem” which is consistent with my interpretation and not far from that of Orsini. We all agree that it is the best of all the 1850 quarters in the Mayer collection. It realized $810.

The next 1850 quarter (lot #1077) was not as exciting, yet it features nice brownish-russet natural toning, with touches of blue and green. Freeman Craig suggests that it “was possibly the first quarter-peso struck of the new type” as the “tree leaves and branches” are extremely well detailed, more so than any other that Craig is seen. Freeman wonders if it is very special, as “it is possible it was made in England as a Trial Strike!” For decades, Freeman Craig has been the foremost expert in the Latin American coins of the independent republics. I agree that Mayer’s second 1850 quarter is a very appealing coin, though I was not as impressed by it as he was. I admit that I have not seen a large number of AU or Uncirculated Costa Rican quarter-peso coins.

While the first 1850 quarter is flashier, in my view, the second one could easily be graded MS-64 as well. It is a very sharp coin with minimal imperfections. Indeed, a case could be made that the first two 1850 quarters (#1076 & #1077) should be graded MS-65. Although Craig points out that there are a “plethora of nice examples of the date,” these two 1850 quarters are above the rest.

Mayer’s third 1850 quarter, lot #1078, is likable. It was previously in the epic Norweb family collection. This and the second each brought $780, though my opinion is that the first two are of higher quality than the third.

The fourth 1850 quarter is deeply toned and has some friction. I would not be surprised if the NGC or the PCGS graded it as MS-62, though it could be argued that it grades AU-55 or, more likely, AU-58. It is a never cleaned, naturally toned, appealing coin. For his personal collection, Andy Lustig paid $420. Jim Elmen points out that many mid “19th century Costa Rican silver coins are not rare” in absolute terms but “are extremely rare in AU or Uncirculated grades.”

Lot #1083 contained fourteen coins, undoubtedly including several subtle varieties, of thirteen 1850 quarters and one 1853 quarter, which the cataloguer states is “in VF condition.” The 1850 quarters are said to grade from “Fine to AU.” I wish I had the time to closely examine large lots.

This fourteen coin lot sold for $960, less than $69 per coin. I do not know whether it was purchased by a dealer for resale or by a collector who might have desired numerous varieties of 1850 quarters. It is fair to suggest that a collector should be able to find a pleasing, EF grade 1850 quarter for between $50 and $125, depending upon the circumstances of the offering and the characteristics of the individual coin. An 1850 quarter-peso in Very Good condition may be obtainable for less than ten dollars.

The 1853 quarter-peso is much scarcer than the 1850. Mayer’s 1853 grades Extremely Fine-45 or better, and it sold for $336, a multiple of the Krause reference value, but not a fortune.

The 1855 quarter is a Great Rarity. Craig determined that there are “maybe five to eight extant,” and just three or four of those “have been in the USA or Europe during the past forty years!”

Amazingly, Mayer had TWO 1855 quarters, the first of which is graded “AU-55” by the NGC and just barely makes that grade. The fact that it has no significant scratches or deep contact marks is important. As noted on its NGC holder, it was earlier in the Whittier collection. Mauricio Soto, a collector who traveled to New York from Costa Rica for this auction, bought this 1855 quarter for $2515. Some information about Soto is put forth in part 1.

Mayer’s second 1855 quarter-peso had been holed and plugged. So, it brought much less than $2515. The $360 price that it did realize, however, is more than three times the Krause reference value for an Extremely Fine (40) grade 1855 quarter that does not have any serious problems. From my perspective, either $2515 for a nice piece or $360 for a problematic one is a reasonable price for a coin for which fewer than ten are known! After all, it is not an obscure issue. In the 1850s, the quarter peso was the largest silver coin minted in Costa Rica. Larger, fifty centavos (half peso) coins were not introduced until 1865.

In 1864, Costa Rica adopted a new monetary system. A peso became defined as equaling one hundred centavos. Ten centavos (analogous to U.S. dimes) and five centavos (analogous to half dimes) denominations were introduced. Indeed, the Spanish concept of multiples and divisibles of eight was abandoned and a decimal system, with multiples and divisibles of ten, was adopted.

The United States has always employed a decimal monetary system. The British adopted a decimal system during a period from 1968 to 1971. Twelve pence had equaled a shilling for centuries. From 1849 to ‘57, British Shillings, dating from 1816 to ‘46, circulated in Costa Rica after receiving counterstamps from the Costa Rican Mint. Such a counterstamp indicates that these British Shillings each had sufficient silver to pass as Costa Rican Two Reales or quarter-peso coins. A lot of eight of them (#1265) in the Mayer collection realized $1080, $135 each.

In 1864, Costa Rica did not just adopt a decimal system; the value of a peso in silver change (as there were no one-peso silver coins) was significantly reduced. The gold content of two pesos, which amounted to one escudo in the just replaced system, was slightly reduced.

The new 25 Centavos coins had much less silver than the quarter-peso coins that they replaced, 4.69 grams versus 5.78 grams each. The type with the Ceiba tree on the reverse (back of the coin) was minted in 1864, 1865 and 1875.

The 25 Centavos (quarters) and 50 Centavos (halves) coins were almost always poorly struck; the Ceiba tree on the reverse was especially poorly defined.

There are two subtypes of 1864 quarters. The first, the so called ‘Small 25′ variety, was minted only in 1864. The second had much larger numerals (Large 25) on the reverse (back of the coin).

Mayer’s sharpest 1864 quarter was the best struck ‘Small 25′ quarter that Freeman Craig had ever seen. Also, it has really neat natural toning. Though it has controversial Hacienda marks, it brought $720.

Craig reveals that for “either type” of 1864 quarters, “a real VF is damned scarce and an EF or better” 1864 quarter “is among the top five extant. “Normally, 1864 quarters are found in VG to Fine grade.” A lot of a dozen (#1125), which Orsini grades from “Good to VF,” realized $324, or just $27 each. While this price is higher than the relevant Krause reference values, it seems reasonable from a logical standpoint. These coins are of a scarce one-year subtype, which is one of just four ‘dates’ of the entire Ceiba Tree quarter type.

Freeman Craig raves about Mayer’s best 1875 quarter, lot #1128. In his view, its “prooflike” obverse (front) and well detailed Ceiba tree reverse are extraordinary. It sold for $570. He states that it “may be the finest known of the” 1864-75 type.

According to Craig, the Costa Rican Mint had “pathetic machinery” and had difficulty striking coins that were larger than U.S. dimes. “Only in 1880 did new machinery make good quality coinage possible.”

As for the 1865-75 halves, Freeman suggests that “never ever before have three different dates in better than VF [grade] been in one auction.” Further, “there are no known examples better than VG of the 1867, 1870 and 1872” dates. Mayer had an extremely fine grade 1865, lot #1138, which sold for $960. An 1866/5 overdate half with extremely fine level details and some problems brought $780 to a floor bidder. A telephone bidder took a two coin lot of Extremely Fine grade 1875 halves for $600.

There was also a thirty-five coin lot of “mostly” 1875 halves with some 1866/5 halves. Although Orsini and the Krause reference refer to 1866 halves that are not overdates, Freeman Craig declares that all ‘1866′ halves are really 1866/5 overdates.

In any event, this thirty-five coin lot of 50 Centavos in various grades, many with “problems,” brought $228, about $6.51 each. Although I have no doubt that some of these halves have really serious problems, this result suggests that collectors with very modest budgets can afford scarce and interesting 19th century Costa Rican coins.

Craig exclaims that “one can go ten years without seeing an EF of any date of this badly made type;[this fact is] another piece of evidence that indicates the Costa Rican Mint did not have the machinery before 1880 to produce big size coins.”

An 1887 quarter (25 Centavos) in the Mayer collection was certainly made with care and suitable machinery. It is the highest quality Costa Rican coin that I have ever seen. Andy Lustig declares that it is “beautiful” and is “the highest quality business strike in the sale”! Andy grades it as “MS-67.” In my view, there is no doubt about it grading at least MS-67 and it could possibly be fairly graded MS-68! No contact marks are visible under five-times magnification. The surfaces have a terrific natural, creamy white sheen with cool orange-russet and blue toning, along with touches of other hues. It is extremely attractive and just has to be seen to be believed. It is not a rare coin. A well circulated 1887 quarter could probably be acquired for less than ten dollars. This Mayer 1887 brought $840!

This 1887 quarter is of higher quality than several of the U.S. Liberty Seated Quarters (from the same time period) that the NGC has graded MS-68. If this Costa Rican 1887 quarter were a U.S. coin, it would probably sell for more than $16,000.

While this 1887 quarter is the highest quality business strike in the sale, Lustig regards an 1889 half (50 Centavos) as the highest quality specially struck coin in the Mayer collection. All of the Costa Rican coins that have been mentioned so far were actually made in Costa Rica, with the possible exception of one of the 1850 quarters that Freeman Craig believes might have been struck in England.

In the late 19th century, many Costa Rican coins were produced by the Heaton Mint in England. Jim Elmen remembers that coins from “the Heaton Mint archives were sold to the Paramount coin company in the early 1970s.” Paramount was then a leading coin retailer and auction company. David Akers was a senior executive. Elmen remarks that “many of the coins from the Heaton archives are beautiful.”

It is almost certain that the two 1889 Heaton halves (50 Centavos) in the Mayer collection came from these ‘archives.’ The “1889 Heaton pieces were essentially unknown until the archives were released,” reveals Craig. The “reason Mayer had two of some is that he had only one of a few when Mayer bought the Freeman Craig Family collection with a full gem set” of Heaton coins, in 1983 and ‘84.

Mayer’s first 1889-Heaton half is more than very attractive with an excellent strike and enticing blue toning. It has never been dipped or cleaned. I could not find any significant marks or scratches. I graded it as 67-Minus. Andy graded it higher, as “67-Plus.” He may be right.

Curiously, Andy first bid on this same coin more than thirty-three years ago! Lustig was then a kid, living on the East Coast, who had not even started high school. This same 1889-H Costa Rican half was sold by Paramount at an auction in Long Beach, California, in August 1975. Paramount included many of the coins that were acquired from the ‘Heaton Mint Archives’ in this auction.

When Andy read the Paramount catalogue, he got a “good feeling” about this coin and a few others. He persuaded his “grandfather to go to the sale and bid on four coins” for him. Andy’s bids were not successful. He always desired this coin. He has “been chasing it ever since.” He also failed to buy it in 2008. He competed against at least three other bidders. It brought $6712.50, which is more than it is worth to Andy, especially since it does not fit into his current collecting strategy. Lustig did buy many coins at the Mayer sale for his own personal collection.

Curiously, the next lot, another 1889-H half brought almost as much, $6425. Andy and I both graded that one ‘66.’ Mayer’s two 1889-Heaton dimes (10 Centavos coins) were also from the “archives.” I graded one as 66 and the other as 67-Minus. Andy graded one as 66 and the other as “66-Plus”. These are both very attractive coins. Each realized $1080, a very high price for a Costa Rican silver coin that is not a special rarity.

I hope that my discussions of coins in the Mayer collection are entertaining and educate people about the rarity, condition rankings, market prices and striking characteristics of many Costa Rican coins. Undoubtedly, most veteran collectors of U.S. or European coins are curious about other realms. Plus, Costa Rican coins are excellent choices for new collectors, especially those on a budget.

Costa Rican gold coins will be discussed in Part 4.

©2008 Greg Reynolds

Related posts:

1. The Greatest Collection of Costa Rican Coins Ever Auctioned (Part 2): Silver Coins of the 1840s
2. The Greatest Collection of Costa Rican Coins Ever Auctioned (Part 1): The Event
3. Extreme Rarities in the Greatest Collection of U.S. Silver Coins to be Auctioned in More Than a Decade
4. Extensive collection of U.S. Copper, Nickel & Silver to be auctioned on Feb. 26 & 27: Rich Uhrich’s coins
5. Greatest All-Time Collection of Middle Date Large Cents to be Auctioned (Part 2)
6. Greatest All-Time Collection of Middle Date (1816-39) Large Cents to Be Auctioned (Part 1)
7. The most interesting collection to be auctioned at the 2008 ANA Convention: The Dimes & $2½ gold coins of Ed Price
8. The Greatest World Coin Auction of All Time (Part 3): Latin American Coins
9. The Greatest World Coin Auction: The Millennia Collection (Part 1)- an Overview & Famous Pieces
10. The Greatest World Coin Auction of All Time (Part 4): The structure of the Millennia collection