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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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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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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