1838 Mexican Reale (New Orleans Le Meridian Hoard)

[Skull and Crossbones]

I purchased this coin in New Orleans a few weeks ago and wondered if anyone had any additional information on its history, value, etc.

During the construction of the Le Meridian Hotel on Canal Street in October/November 1982, three wooden boxes of silver coins were unearthed by a backhoe. The principle coins found were Republic of Mexico Reales, Spanish colonial Portrait 2 Reales and American Seated Liberty Quarters.

No one knows for certain the exact number of coins in the hoard. It is estimated that approximately 15,000 to 20,000 coins were buried. Not all of the coins have been recovered because the hole was immediately cemented over by the construction company at the owners request.

I have a Certificate of Authenticity from the seller. I know that the coin is from the Zacatecas Mint in Mexico. I would like some assistance with the following: What is a good value for the coin? Can someone help with the markings on the coin? Any other information on the find?

 

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[Mackaydon]

Obverse, above a half wreath of oak and laurel an eagle to the front with wings outspread and head right is perched on nopal cactus. REPUBLIC MEXICANA
Reverse, a radiant Liberty cap.
8R (reales) Zs (Zacatecas) (date) OM (assayer) 10 Ds 20 Gs
Mexico used the medieval system of dineros and granos to measure the fineness of their coins, twelve dineros designating pure silver with each dinero divided into 24 granos. A coin of 10 Ds. 20 Gs equated to .902777 fine. A few years ago a coin of this type in fine condition was valued at $15 (retail); $20 in VF (retail).
Don.......

 

[Skull and Crossbones]

Thanks for the information. I'm not saying how much i paid for it (way too much), but the story behind it in terms of being found on Canal Street during a renovation makes what i paid for it a little easier to swallow.

 

[Mackaydon]

S and C:
'Value' can be defined in many ways: Monetary (Numismatic and Intrinsic), Conversational, Sentimental, etc.
So your coin may have more conversational value that monetary or sentimental; not a problem.
Congrats on your find.
Don.......

 

[Skull and Crossbones]

Yeah, my collection goes for more of the coins with good historical backgrounds and stories rather than monetary value. El Cazador, Atocha, Le Meridian Hoard, etc. I'd much rather have a nice collection of conversational pieces that spark the imagination and interest of people rather than just an old coin with no historical value. Thanks again.

S/C

 

[Connecticut Sam]

What happen to the other coins that would find?

 

[Mackaydon]

The coin contains about .79 ounces of silver, so the past values I stated above are under the current melt value of the coin. If silver is at $40 per oz, the melt value (alone) of your coin is about $31.60.

 

[realeswatcher]

The Mexican Cap and Rays 8R have actually bumped up a lot in the past few years... This piece has a deep hoard tone with solid XF+ detail (and actually a pretty good strike for the Zacatecas mint pieces). A normal coin of this type is worth a good deal more than melt (prob. in the $60-70). The interesting New Orleans hoard story may add a little to that... That was an interesting find. You see stories that when construction crews busted into it, pieces were literally spilling out on the street and passersby were grabbing as they saw them.

The quarters were probably the most noteworthy part of the find... Basically, when you see a high-grade but slightly scudzy 1840-O or 1841-O quarter, there's a very good chance it was from this find.

 

[Connecticut Sam]

Great information.