In the frame of the XXXIII National Numismatic Week, the AUREO & Calico auction was held on March 11, 2010, in Barcelona, Spain. As accustomed by this auction house, the sale was divided in three sections: Mail Sale, Floor Sale and a Monographic Sale. In addition to the regular Selection Sale of the Monographic section, a special sale of the Caballero de las Yndias Cuba and Costa Rica Collection was included in a separate section, owing to the consignor’s preference to highlight this part of his collection and give it due importance. The Caballero de las Yndias Collection is one of the most important collections of Spanish and Colonial coins, considered by many among the finest collections ever assembled, and as prestigious as other well known collections such as the Eliasberg and John J. Ford Collections.

Interestingly, the Cuban and Costa Rican coins, which were conspicuously missing from the previous Caballero de las Yndias America and the Philippines Sale held on April 8, 2009, were all included in this sale. The emotional attachment of Caballero to the Cuban and Costa Rican pieces explains why a special sale was organized for just these 54 lots. Although the coins from Costa Rica comprised most the auction catalog (52 out 54 lots), the highlight of the sale were the two Cuban lots, described as:

Lot 2253: 1915. 1, 2, 4, 5, 10 y 20 pesos. (Fr. 1 y 3 a 7) (Kr. 16 a 21) (C.C. 2253) (Subasta Eliasberg, nº 1712, un conjunto similar realizó 126500$). Lote de 6 monedas, serie completa. Bellísimas. Pleno brillo original. Extremely rare. A similar set realized $126.500 plus commission during the Eliasberg sale, 2005. The set presented here forms a perfect match. All of the 6 specimens share deep proof fields and frosted devices under an even and rich orange patina. Scattered hairlines, visible only under magnification, are evidence of mininum handling. Gem proof. Rarísimas así. Proof. Est. 150.000.

Lot 2254. 1916. 1, 2, 4, 5, 10 y 20 pesos. (Fr. 2 a 7) (Kr. 16 a 21) (C.C. 2254). Lote de 6 monedas, serie completa. Bellísimas. Acuñación Proof. Extremely rare. This set shares with the previous one the magnificent deep mirror fields, frosted devices and beautiful patina with, again, minimun hairlines as if both were one and the same. However, this set is of a higher rarity. The reported mintages for the 1 peso is 100 pieces. For the 2 pesos only 8 specimens were struck. For the 4 pesos 90 pieces. Of the 5 pesos and 10 pesos very few pieces are known and of the 20 pesos only, 10 were reported minted but fewer are known to exist. This is the only complete 1916 set that we are aware of. Gem Proof. ¿Único set conocido en esta conservación?. Proof. Est. 200.000.

Lot 2253 opened at €75,000 (USD $103,226) and realized €80,000 (USD $110,095), well below the estimate, whereas Lot 2254 opened at €90,000 (USD $123,850) and seems to have been sold at the same price (€90,000), also below the estimated price. These two sets, rarely seen together, include some of the rarest pieces in Cuban numismatics; particularly the 1916 Proof set that includes the very rare 2 Pesos and 20 Pesos pieces, with mintage of 8 and 10 pieces, respectively. The hammer price for both lots was surprisingly low by all estimates, which makes one wonder if it wasn’t the right time and/or place to sell these sets. Below, you can see unpublished images of these two magnificient lots.

A number of other Cuban coins were sold in the Floor and Mail Sales, including: 1898 Peso, 1937 Peso, a few 1897 Souvenir Pesos of both the Close Date and Wide Date varieties, as well as First Republic silver coins, all sold at prices more in tune with the current market. However, the highlight of the sale was Lot 429 of the Special Selection Sale:

Lot 0429. Cuba. 1870. PCT. 1 peso. (Kr. Pn5). Acuñación Proof. Pátina acerada. Bella. Rarísima. EBC. Est. 5.000.

This rare piece opened at €3,000 (USD $4,132) and sold for a whooping €18,000 (USD $24,793), shattering the estimate of €5,000 (USD $6,887). In our opinion, the 1870 series has historically been underrated, and it is great to see it for once receive the special attention that it should based on its rarity.

The AUREO & Calico Sale featured some of the rarest and nicest Cuban coins of any auctions in recent years, and it may be a while before we witness a similar offering. We’d love to hear your opinion. Please post your comments below.

1915 Gold Proof Set

1916 Gold Proof Set

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Like all modern coins, Cuban coins have three sides, although not much is talked about the third side: the edge. When it comes to edge variations in Cuban coinage, maybe the best known examples are the 1915 “fine reeding” and “coarse reeding” varieties, although edge varieties can also be found among Cuban proclamation medals and also in the 1870 coinage of the Republic of Cuba in Arms. Here, we discuss edge varieties of the 1915 coinage, answering to multiple inquiries from our members.

Cuban coins were minted at the Philadelphia, USA mint during the first republic. In 1915, the first year of coinage, multiple adjustments were made to the designs, which is not uncommon in the initial minting stages. For instance, silver coins of 1915 (with the exception of the 10 centavos pieces) were initially minted with a high relief star on the obverse, which later was changed to a shallower, sharper, low relief star. All silver coins of 1915 also have a reeded edge. Although no edge changes were introduced for the 10 centavos, 40 centavos and 1 peso coins of 1915, two edge varieties can be found for the 20 centavos pieces. The 1915 20 centavos were struck with “fine” reeded edge initially, and later changed to a “coarse” reeded edge. Apparently, adjustments in edge reeding were made at about the same time that the star relief was adjusted, since there seem to be a correlation between the star relief and the edge reeding. Most high relief coins have fine edge reeding, whereas most low relief coins have coarse edge reeding, although all combinations of star relief and edge reeding can be found.

How can they be differentiated? The easy answer is: by counting the number of reeds, but don’t worry, we’ve done the dirty work for you. “Fine reeding” coins have 146 reeds and “coarse reeding” ones have 114 reeds. The image above shows a comparison of the two edge reeding varieties. The broadly spaced reeds of the top coin corresponds to the coarse reeding (CR) edge, and the narrow, closely spaced reeds of the bottom coin represent the fine reeding (FR) variety. In the mood for counting? Here’s a 360 view of the edge of each one of these coins. Note the difference in the sharpness of the star as well. Interested in learning how to take pictures of the third side of coins? Contact us, we’ll tell you how.

Why the adjustment? We have analyzed the edge reeding of all 1915 Cuban coins, and have found a high correlation between the weight of the coin and the number of reeds (see chart below). At 189, the 1915 peso coin has a “normal” number of reeds for its size, identical to the number of reeds of similarly sized coins such as the Morgan dollars. The 40 centavos piece, with 143 reeds, has a number of reeds comparable to similarly sized coins (the slightly larger half dollar has 150 reeds), whereas the 10 centavos coins, with 112 reeds, were also comparable to US dimes of similar size and composition. Not surprisingly, the number of reeds increased proportionally to the weight of the coin, a trend that is represented by the solid sloped line in the chart below. However, the number of reeds of the “fine reeding” variety falls way above that line, which means that the number of reeds of this variety was unusually high for its size. After adjusting the reed number to 114, the ratio reeds/weight is a lot closer to the other coins of the period, and sits very close to the trend line in the chart below.

Why the original number of reeds was so high is hard to explain, since similarly sized coins were being struck at the Philadelphia mint at the time (e.g.: US quarters), although the 20 cents denomination and size is unusual in the US monetary system, being used only briefly in the late 19th century. Although unintentional, the introduction of relief and edge changes in the 1915 coinage creates very interesting and challenging opportunities for the Cuban coin collector. If you have comments on this and other topics, please feel free to post your comments below or contact us with your question. As usual, we’d love to hear from you.

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The art of coin grading, although still subjective, has been facilitated in recent decades by the development and adoption of standard grading scales. The most commonly used scale, originally developed by Dr. William H. Sheldon, is the 70 point numerical grading system that has been widely adopted since 1970. However, in order to assign numerical grades to coins, it is essential to know what to look for in the coin being graded. What are the high points? What areas are the most susceptible to abrasions, rubbing and flattening? May of these questions have been answered for US coins in comprehensive grading guides such as Photograde and the ANA Grading Standards for US Coins. For foreign coins, and Cuban coins in particular, published information is very scarce if not inexistent. The grading guide below, although not official or comprehensive, will hopefully assist those interested in grading Cuban coins from the First Republic (1915-1961). This first post focuses on Star coinage, although some elements will likely apply to other series, since the coat of arms is almost ubiquitously present on the reverse of most coins from the Republican period. Grading of ABC Pesos, Marti Centennial coins and Gold coinage will be covered in future posts. Finally, it is worth stressing once again that grading is subjective and that other factors may influence the overall grade and value of a coin, including environmental damage, improper cleaning or handling, nicks, marks and other kinds of injuries, as well as eye appeal.

On the reverse, the high points of the coat of arms are most susceptible to wear. The palm tree, the key and the star on the Phrygian cap are key elements to consider when grading of Cuban coins. The wreath and the fasces are also susceptible to wear. For higher grades in particular, it is imperative to take a close look at the obverse as wear and blemishes will usually be visible on the high points of the Star on the obverse, especially on the ridges and center of the star.

The accompanying table describes and pictures some of the differences among a range of condition or grades. As usual, comments and/or suggestions would be appreciated.

Grade	Reverse	Detail
Very Good (VG8) The rim will be full and all the letters and date will be clear and visible. Rev: Slight detail in wreath will show. Most vertical lines in the fasces will not be visible, and the diagonal and horizontal bands will be worn nearly flat. Obv: Star will be worn nearly flat but will be visible and completely outlined.
Fine (F12) Rev: Parts of the key and palm tree will be worn smooth, but the outline may be visible. The star on the Phrygian cap will be worn smooth. Detail in wreath will show, although the ends of leaves will show considerable wear. Obv: Star will be well worn but completely outlined and visible. Star lines running to the center (valleys) will also be visible.
Very Fine (VF20) Rev: The key and the star in the Phrygian cap will be worn but visible. Details may not be visible. All vertical lines in the fasces will show. Obv: Star will show signs of wear, but all valleys and ridges will be visible.
Extra Fine (EF45) Rev: High points of the key and the Phrygian cap will be lightly worn but will show all details. Details of the palm tree will also show. Obv: Slight wear will show on Star ridges and center.
About Uncirculated (AU58) Rev: Only traces of wear will be visible on the Phrygian cap, the key and the palm tree. Obv: The ridges and center of the Star will show only a trace of wear. Mint luster still present.
Uncirculated / Mint State These coins have never been circulated, but the presence of bag marks and abrasions can affect the grade, most noticeably on the star. MS60 (Typical) No trace of wear, but with blemishes. MS65 (Choice) Nearly perfect with some small blemish. A few barely noticeable marks may be present. Has full mint luster but may be uneven or toned. MS70 (Perfect) Flawless coin as it was minted. Must have full mint luster.

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Cuban 5 Centavos coins were minted in Kremnica, Czech Republic, from 1960 to 1972, with the exemption of 1968, when for unknown reasons 5 centavos coins were also minted in Leningrad, USSR (currently Saint Petersburg, Russia). To our knowledge, this is the only instance in Cuban numismatic history that the same year coins were minted at two different locations. It is also the only year that 5 centavos coins form Cuba were minted in Leningrad, although 20 centavos coins were minted in Leningrad in 1962 and 1968 and 40 centavos in 1962. The year 1968 also marks a sharp increase in mintage, from close to 50 million in 1966 to over 200 million in 1968, combining the 100 million minted in Kremnica with the 103 million struck in Leningrad. Although there are no mintmarks on these coins, a few differences in both the obverse and reverse designs can be noted. The following table summarizes these main differences:

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In this, the second part of this post, we will summarize some of the inaccuracies or mistakes that we have found among the “Second Republic” Cuban coin listings in the latest edition of the 2009 Standard Catalog of World Coins, Krause Publications, 36th Edition.

As far as the 1961-2000 period goes, coinage information is incomplete and in a few instances inaccurate. For example, a 1967 1 centavo is listed, which to our knowledge was never minted. The corrected listing is shown below.

Likewise, the 1970 20 centavos is listed. This mistakes leads to further mistakes, as the mintage figures are shifted affecting the 1971 and 1972 listings as well. The image below shows what the current listings look like, highlighting the inaccuracies.

None of these two coins is listed in any of the catalogs of Cuban coins printed by the “Banco Nacional de Cuba” or the “Museo Numismatico”. Besides, mintage information is rather incomplete, particularly for coins struck after 1979. In our online guide, we have updated mintage data up to 2003. Market prices listed in the Krause catalog, although hard to estimate for modern Cuban coins, do not always reflect recent market trends. For instance, we have seen the 1983 2 Centavos, Small Letters variety, sell for $35-$40 in multiple occasions in the last year, but it lists for $2 in BU condition. However, it is understandably hard to find consensus on prices of modern Cuban coins when prices are not only affected by mintage and population figures, but also by the political situation that masks the availability in certain markets (e.g.: in the US because of the embargo).

Our online price guide intends to clarify some of the discrepancies reviewed above, and to provide updated market value information for Cuban coins. If you have any comments or questions, please post them below.

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Every year, Krause Publications takes on the monumental task of reviewing and updating information about hundreds of thousands of coins minted worldwide in the last few centuries. With the collaboration of experts on foreign coins and mints from around the world, KP has made the Standard Catalog of World Coins the “bible” that most coin dealers and collectors use for reference.

When dealing with projects of such magnitude and complexity, errors and inaccuracies are hard to avoid completely. The 36^th Edition, 2009 Standard Catalog of World Coins, recently released, is no exception. When analyzing Cuban coin listings in this latest edition, we noticed that some of the inaccuracies from previous editions were not corrected in this new one. Below is a summary of some of the most relevant errors we found in the 2009 catalog (36^th edition).

Not surprisingly, First Republic (1915-1961) coinage data was found to be more precise and updated that later coinage. Not only multiple comprehensive studies have been published describing First Republic coinage, but these coins were all struck at the Philadelphia mint, and mint records as well as official Cuban records have been available for reference and for comparison over the years. However, one coin listed caught our attention: a 1943 copper-nickel (Cu-Ni) 5 centavos listed as KM# 11.3. We have never heard about such a coin, and have not seen it at auction or for sale. Furthermore, a 1943 Cu-Ni 5 centavos is not listed in any of the publications by the “Banco Nacional de Cuba”, “Museo Numismatico” or “Casa de la Moneda de Cuba”. All the 1943 centavos we have seen are brass coins as those listed as KM 11.3a. We would love to hear what you know or think about this coin. Please post your comments below.

Also in the First Republic coin listings, we noticed the mintage figures for the 1915 20 Centavos are missing. Although it may not be possible to know how many of each of the four varieties were struck, we know that the total mintage was 7,915,000, which includes the High Relief Fine Reeding, High Relief Coarse Reeding, Low Relief Fine Reeding and Low Relief Coarse Reeding varieties.

The other inaccuracies are found mainly in the price guide, which should be used only as a general guide since it does not reflect recent auction sales and/or changes in bullion market value fluctuations.  For instance, the 1915 gold proof Peso is lists for $1,750, but in the last three years it has sold for $2,530 to $5,750. We would love to buy one at list price, but that’s unlikely in today’s market. We regularly update our online price guide with results from major numismatic auctions. We hope you find it useful and welcome your comments on how to improve it.

The second part of this posting will cover the inaccuracies that we have found in the “Second Republic” (1962-present) coin listings, which are far more abundant.

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Die adjustments during the first years of minting were not infrequent at the Philadelphia mint. Most notably, the 1907 Saint-Gaudens double eagle and the 1921 Peace dollar designs underwent modifications that resulted in highly collectible High Relief varieties. The early Cuban Star coinage, also minted at the Philadelphia mint since 1915, went through a similar adjustment period. From 1915, when the creation of the Cuban National Currency System was authorized, High Relief and Low Relief variations of certain Cuban coins were made. High Relief coins displayed a highly prominent, attractive Star, but it probably also posed technical challenges during the minting process, as additional strike pressure was likely required. Furthermore, the reverse strike was often very weak in High Relief coins, particularly at higher points on the reverse such as the Coat of Arms key and palm tree.

Unfortunately, there is not much information about the High and Low relief varieties, either published or on the internet, but their popularity has substantially increased since the early 1990’s, when they started to be listed in The Krause Standard Catalog of World Coins. This catalog’s description reads: “Coins with high relief stars normally exhibit a weak key and palm tree on the reverse. Coins with low relief stars tend to exhibit much more distinct lines running towards the center of the star”.

High and Low Relief varieties include:

• 1915 Star 20 Centavos,
• 1915 and 1920 Star 40 Centavos,
• 1915 Star Peso

The Krause Catalog description includes an element that most experts agree is key in identifying Low Relief Stars, particularly Low Star Pesos: “Coins with low relief stars tend to exhibit much more distinct lines running towards the center of the star”. These lines or valleys are a lot sharper in Low Relief coins, and can be easily identified even in moderately circulated 1915 Star Pesos. Actually, the 1915 Low Relief Peso looks much more like the other dates of the series (1916-1934), with very well defined, straight, Star lines. On the other hand, the lines of the 1915 High Relief Peso are rounder and more diffuse, whereas the metal volume of the Star is generally larger.

1915 High Relief Star 40 Centavos Note flat center and soft, rounded valleys

1915 Low Relief Star 40 Centavos Note sharp, defined valleys running to the center

 Similar elements of design can help identify 1915 and 1920 High and Low Relief Star 40 Centavos. For coins that have not seen a lot of circulation the difference is quite obvious. The geometry of the High Relief Star is dramatically different. The center of the Star is almost flat and the lines are barely detectable, if at all. The valleys are again rounder and less defined than the Low Relief Star, which shows sharp straight lines running to the center of the Star. Differentiation of circulated High and Low Relief coins is generally more challenging, and attribution is generally based on the metal volume of the Star, and may be extremely difficult for coins in worse than Very Good condition.

For 1915 High and Low Relief Star 20 Centavos, the same rules apply, although the valleys in circulated coins tend to be hard to recognize. 1915 Star 20 Centavos were also minted with Finely and Coarsely Reeded edges. High Relief 20 Centavos with Fine Reeding (HRFR) are more abundant, as are the Low Relief 20 Centavos with Coarse Reeding (LRCR). Although the edge reeding may support the Relief attribution, it should only be used as additional information and not as the only or main factor considered.

As described in the Krause catalog, “Coins with high relief stars normally exhibit a weak key and palm tree on the reverse “. Although this is true to some extent, classification should never be based solely on the weakness of the reverse strike, although it can be used in conjunction with the other elements discussed above when making a High or Low Relief classification.

High/Low Relief attribution may sometimes make a big difference, particularly when one of the varieties is scarcer than the other. For instance, the 2008 Edition of the Krause Catalog lists the 1915 Low Relief Peso in XF for $600, whereas the High Relief variety lists for $60. In Brilliant Uncirculated condition the Low Relief lists for $8,500 and the High Relief for $2,000. Actually, a very nice 1915 Low Relief Star Peso was listed on eBay for $7,500 and sold in February, 2008 for $6,000. However, High and Low Relief Star 1915 40 Centavos lists for about the same price, and the 20 centavos price depends not only on the Star relief but also on the reeding. Also importantly, professional grading services have only recently started to

As mentioned above, there is no much information available about High and Low Relief Cuban coinage. Actually, most (if not all) of the books available regarding Cuban Star coinage do not provide any information about this topic. One of the few sources is the article by Frank Putrow  “High Relief vs Low Relief - A Study In Contrasts”, published in the July 2004 Cuban Numismatic Association Newsletter.

We invite you to contribute with your comments, questions or opinions using the form below or by emailing us at info@coinsofcuba.com
 

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