Coins - or con - of the Spanish Main?

[wreckdiver1715]

I don't know about you, but the sensation I get when holding genuine gold doubloons, silver reales or other coins salvaged from an ancient shipwreck is thrilling. History, tragedy, perhaps even piracy... right there in the palm of your hand!
It's an instant connection to everything we've ever read or seen about hunting for the sunken treasures of the Conquistadors and buccaneers. But it's just that same exhilaration that can sometimes make us unwitting victims.

I don't by any means consider myself an expert on coins. In fact, I don't even collect them. Yet due to my involvement in the interesting world of gold and precious jewels, these fascinating coins are often brought to me to be designed and mounted into some form of personal adornment. This can be anything from being added to a gentleman's money clip or designing a simple gold pendant to firmly hold the usually irregular shaped coin itself. I once crafted a ladies' pendant with a delicate octopus holding a Spanish "piece of eight" coin.
In my shop, time and again, an excited couple will present their "treasure coin" and ask me what I think it might be worth. Disappointed faces always stare back when I honestly reply, "I haven't a clue! Did you pay a lot, or did you pay a little?"

They then produce a fancy certificate of authenticity complete with an engraving of a sea-tossed galleon, serial numbers and a paragraph or two recounting how historic and rare their treasure coin is. The magnificent condition of their wreck relic is explained as well. There is usually just one problem: the coin is a modern replica.

They look real good. In fact, too good. There tends to be a little wear and tear when you spend a few centuries in saltwater, yet the coin is in pristine condition. Further investigation under magnification will usually reveal that there are faint casting lines on the side of the coin, proving it's a fake.

I may not know a lot about coins, but I do know about precious metals and how the Spaniards "packaged" their New World wealth not only for shipment to the King's coffers in Madrid but for ready use in New and Old World commerce.

At first, gold from Mexico and silver from Peru were shipped in the form of ingots and bars. But by the late 1500s, mints had been established in the Spanish colonies to convert the precious metals into coins. As it was difficult and costly to make blank coins of a perfect round shape and thickness to be stamped, these were in fact crudely hand-stamped from irregular metal sheets of uneven thickness. As long as some part of the design showed and the "coin" was of standard weight, that was enough. Each coin's shape did not matter, as long as it was stamped adequately. These odd-shaped, or "cob" pieces, were the norm for over 200 years.

The point being that a casting seam running exactly around the middle of an irregular-shaped Spanish coin stamped out by hand with a hammer cannot be authentic. Not exactly the kind of news a recent couple in my shop wanted to hear. "How can that be? We have a documented certificate!" I explained that anybody can print up a fancy certificate to accommodate the illusion that your coin is genuine.

The bottom line, as it is in so many things, buyer beware!

For one genuine silver imitation coin from that most famous of all Spanish galleon wrecks - The Atocha - is worth maybe $100, this couple paid $1,200. Ouch! If you are afraid you may not like the answer, don't ask the question. Off they went running, hoping to cancel the transaction so they can return their bogus booty. Piracy is alive and well and living here in Southwest Florida.

As a postscript to this tale, another variation I've seen a lot uses the term "coin made from authentic Atocha silver." Interesting. And it's exactly the same shape, size and weight as the last Atocha coin I saw. (Remember no two authentic coins are ever alike!) What this means is it is also a cast copy from an original bar of silver recovered from the Spanish ship that sank off the Florida Keys on Sept. 6, 1622. The wreck was discovered - after decades of frustration and tragedy - by the Mel Fischer syndicate on July 20, 1985. And let's just say there was "a bit of controversy" on the authenticity of many of the treasure coins ultimately offered for sale by the salvage company. Many were not minted in the 1600s but cast from salvaged silver ingots "minted" (cast from an original) in the 1980s. While certainly cast from silver from the wreck, these treasure coins are not "cobs" or doubloons. You need to read the fine print very carefully.

Confused? So are most of the "experts" on Spanish coins.

Honestly, I tell people they are on their own when it comes to buying these highly popular coins. They do make great and fun jewelry, as long as you know in advance that they are either original coins or replicas. Once again, do your homework. Be comfortable with the integrity of the person you are plunking down your hard-earned greenbacks for shipwreck silver or gold coins. Make sure you can get a refund if you find the coins are deemed modern copies and they were advertised otherwise.

I'll admit it. I create and sell sterling copies of treasure coins for my customers. These are not made from ancient ingots but my own, fresh 2006 silver and then "antiqued" by leaving them in the Gulf for a few weeks. They look and feel authentic... and I have even fooled a few "experts" in fun. But they have all been sold with the customers knowing they are absolutely bogus. I even stamp the word "COPY" on them to prevent confusion.

One of the great things about living here on Marco is the thought that one day, you might actually find a real "piece of eight" washed up on the beach. Spanish wrecks are legendary in our waters... even Deltona took time out from building what became the Marriott to search for the wreck of a galleon reported to be some 200 feet off the big beach at Quinn's. If you ever are lucky enough to find something in the swirling tidal sands after a storm, come and see me. I'll make you a great pendant to hold it.

Jewelry designer Richard Alan is owner of The Harbor Goldsmith and welcomes your questions and comments at 394-9275, fax 394-3680 or by e-mail at harborgoldsmith@comcast.net.

[Treasure_Hunter]

Excellent reading Wreck, thanks.

[RenegadeRider3.7]

yes very good reading. enjoyed it alot. and some good information.

[Mackaydon]

Wreckdiver:
Nice piece; and I'll add.
Anyone selling replicas, copies, fakes--whatever you wish to call them-- in the U.S. is subject to the Federal Trade commission rules, one being the Hobby Protection Act. I've attached below part of the Act that refers to the word COPY:

"Sec. 304.6 Marking requirements for imitation numismatic items.

(a) An imitation numismatic item which is manufactured in the United States, or imported into the United States for introduction into or distribution in commerce, shall be plainly and permanently marked "COPY".
(b) The word "COPY" shall be marked upon the item legibly, conspicuously, and nondeceptively, and in accordance with the further requirements of these regulations.
(1) The word "COPY" shall appear in capital letters, in the English language.
(2) The word "COPY" shall be marked on either the obverse or the reverse surface of the item. It shall not be marked on the edge of the item.
(3) An imitation numismatic item of incusable material shall be incused with the word "COPY" in sans-serif letters having a vertical dimension of not less than two millimeters (2.0 mm) or not less than one-sixth of the diameter of the reproduction, and a minimum depth of three-tenths of one millimeter (0.3 mm) or to one-half (\1/2\) the thickness of the reproduction, whichever is the lesser. The minimum total horizontal dimension of the word "COPY" shall be six millimeters (6.0 mm) or not less than one-half of the diameter of the reproduction."

Might I suggest that if anyone is 'sold' a non authentic coin without the word COPY incursed into the coin, in the manner prescribed by law, that you report the incident to the police. That might get some of the fake coins and flakey people off the street.
Don....

[Trez]

I wonder if Mr. Alan would post a few of his coins that he has made...
I would definitely enjoy viewing some expertly made copies...

Trez

[Peg Leg]

I have a few flattened coins that the Indians flattened. I believe the were 2 escudos gold coins. In fact a few still have a few Marks showing that there were gold coins at one time.
Other than the gold value would they be worth anything?
I also have a gold piece that was beaten flat and a cross battened into it along with a small hole pouched so the person could wear it.
Everthing was recovered from a landsite near the Indian river.
i JUST THINK THEY ARE UNIQUE.
Peg Leg

[Mackaydon]

Peg Leg:
Can you show us both side images of these objects?
Thanks,
Don....

[Trez]

Peg Leg,

It would be very interesting indeed to see some of the gold items.
You can't place a value on those...they would be priceless pieces as far as I would see them.

Please post a few shots...

Trez