We are absolutely thrilled to share a very rare Countermarked Silver Cobb 8 Reales coin with you today. In fact, up to this point in time very few people knew coins like this even existed. This coin isn’t even known to many historians or the rare coin industry alike. It is quite literally the oldest known official United States Silver Dollar. In particular, it is the only one in private hands with the countermark of PS.
It’s an absolute wonderful find and a priceless piece of American History. Surprisingly, not many people knew how business was done before the US Mint opened. From the 1600’s up to 1792 Spanish colonial silver Reales and gold Escudos were the primary currency used in the colonies. Of course, this changed once the US started minting their own coins.
US regulators confiscate countermark Spanish coins
Once the US mint started minting their own coins in 1792, all stamped coins were rounded up and melted down. Only a handful of stamped regulated coins exist today. Above all, we have in our possession the only known silver Cobb 8 Reales with the prominent PS regulators initials. However, there is a Countermarked Silver Cobb 8 Reales with a PS in the Williamsburg Museum.
By comparison, there are hundreds of other types of regulated gold coins known to exist. Many of these coins can easily eclipse six figures. But, we possess the only known example with the PS stamp that doesn’t reside in a museum.
This is such a massive hidden gem… important and historically relevant. Prominent regulators like Philip Syng were responsible in regulating the first foreign currency. In other words, making sure all coins circulating in the US had to measure up to real and verified standards of weight and purity.
A couple of the most well-known US silversmiths and regulators in the early days were Paul Revere (PR punch) from Boston, Ephraim Brasher (EB punch), from New York. Equally important and harder to find today, was Philip Syng, Jr. (PS Punch), of Philadelphia. In addition, Mr. Syng, was very close personal friends with Benjamin Franklin.
Austin Rare Coins sold the Countermarked Silver Cobb 8 Reales in the video below to a private collector. However, this Summer it will be going to public auction at Stacks Bowers—a prominent auction house. As a matter of fact, we believe bidding is sure to be fierce for this absolutely incredible, unique, piece of early American history.