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July 2003 Book Review Part Five Continued 3
 Special *July 2003* Early Addition Of Our Book Review:Indepth Book Review On 2000 North American Coins & Prices:
A Guide To U.S., Canadian and Mexican Coins....
 Collectible Treasures Antique and CollectiblesBook Review July 2003
Interesting Information On Coin Collecting as noted in the 2000
North American Coins & Prices: A Guide To U.S., Canadian and
Mexican Coins.
CHAPTER 5:
GET A MAP
HOW TO ORGANIZE A COLLECTION by David C. Harper
Advice given to collectors of U.S. coins also applies to collectors of
Canadian coins: Do what interests you. Do what you can afford.
Create sets of uniform grade.
The rules of rarity transcend national boundaries. The only thing
to keep in mind is the relative size of the collecting population.
Because Canada has only a tenth of the U.S. population, it stands
to reason that the number of collectors in that nation is but a
fraction of the U.S. number. A mintage that seems to indicate
scarcity for a U.S. coin, therefore, could indicate something quite
common in Canada.
Don't forget that mintage is just a guide. The same factors that
caused loss of available specimens or preserved unusually large
quantities were at work in Canada, too.
MEXICO
Coinage produced in Mexico dates to the establishment of a mint
in Mexico City in 1536, over 250 years before a federal mint was
set up in the United States and more than 300 years before Canada
circulated its own coins. The output of those extra centuries alone
would make organizing a Mexican coin collection more challenging
than a collection of U.S. or Canadian coins. But there are numberous
other factors involved.
You say you like the kings and queens on Canada's coins? Mexico
has kings, too--nearly 300 years' worth, plus a couple of emperors.
You say the ideals of liberty embodied by the great men and women
on U.S. coins is more your cup of tea? Mexico's coins also feature
men and women committed to liberty.
In addition, Mexico is the crossroads of civilizations and empires.
The great pyramid-building society of southern Mexico and
Central America met its end at the hands of the Spanish
conquistadors led initially by Hernando Cortez. The great Aztec
empire was looted and overturned in 1519-1521 in the name
of Spain.
The great natural resources of the area then supported successive
Spanish kings in their grand dreams of dominating Europe.
Through the doors of the Mexico City Mint and later facilities
scattered about the country passed legendary quantities of silver.
Even today the country ranks at the top of the list of silver
producers.
But while Spain could dominate Mexico for a long time, the basic
ideals of liberty and human dignity eventually motivated the people
to throw off the foreign yoke. Unfortunately, victory was often
neither complete nor wisely led. And in more recent years, the
scourge of inflation has exacted a high toll on the currency itself.
The numismatic consequesnces of a long history punctuated by
periods of turmoil are an abundance of denominations, metals
and types.
It is tempting for a would-be collector of Mexican coins to
forget about anything that happened in the country prior to its
monetary reform of 1905. By starting at that point, a hobbyist
can happily overlook anything other than a decimal monetary
system in which 100 centavos equal 1 peso. That system is as
modern as any. The coins' striking quality is high. Legends are
easy to read and understand, and the variety of issues is wide
but not overwhelming.
There always is a certain logic to begin the collecting of any
country with recent issues. The costs of learning are
minimized, and as one becomes comfortable, a level of
confidence can be built up sufficient to prompt diving further
into the past.
The issues of 1905 to date also more easily fit into the mold
of type collecting and collecting by date and mintmark. To
take type collecting, for example, let's look at the peso. In
1905 it was a silver-dollar-sized coin with a silver-dollar-sized
quantity of bullion in it, 0.786 ounces. In 1918 it was reduced
to 0.4663 ounces; in 1920, 0.3856 ounces; in 1947, 0.2250
ounces; 1950, 0.1285 ounces; 1957, 0.0514 ounces; and in
1970 silver was eliminated completely in favor of a
copper-nickel alloy.
At almost every one of these steps, the design changed, too.
After sinking to 3, 300 to the U.S. dollar, monetary reform
dropped three zeroes in 1993. The new peso, equal to 1,000
old ones, is now 9.3 to the U.S. dollar.
By beginning with 1905, a date and mintmark collector misses
out on issues of the various branch mints that were located
around the country. Regular issues were all struck in Mexico
City. Yearly output was reasonably regular for the various
denominations, so date sets are extensive.
There have been rumblings since the early 1980s that Mexico
would abondon the peso because of its greatly reduced value.
The government, however, has been working hard to retain it.
So far it has succeeded.
One thing the government cannot do, however, is turn the
clock back to a time when the fractional denominations of
1, 2, 5, 10, 20, 25, and 50 centavos had sufficient face value
to circulate. However, it is stimulating to assemble sets
because they offer a range of rarities. They are neither so
expensive that it would prevent a collector from acquiring
them at some point, but neither are they so common that
you can walk into a shop, write a check, and come away with
all of the 20th century sets complete. Check out the price
guide section and see.
Gold in the post-1905 era is basically so much bullion. There
are some scarcer pieces and some strikingly beautiful designs,
such as the centenario, a gold 50-peso coin containing
1.2 ounces of bullion. It was first struck in 1921 to mark
100 years of independence. Because Mexico actively restruck
its gold coins, however, it is virtually impossible to tell an
original issue from the newer version.
The result is a retail price structure based on metallic content.
Gold, however, does not conjure up the images that silver does.
Silver is the magic word for Mexico. That, of course, means
the peso.
The modern Mexico City Mint also strikes commemoratives
and collector sets from time to time. These are generally
marketed to collectors through private firms, details of
which are published in hobby newspapers like World Coin News.
Mexico, like the United States and Canada, also issues gold and
silver bullion coins.
These are marketed through arrangements with private firms.
Interestingly, Mexico's many gold-coin restrikes were the bullion
coins of their day. They had the advantage of ready
identification, and they were legally tradable according to
gold-coin regulations that existed in the United States from 1933
through 1974.
It is appropiate that we conclude discussion of the modern period
on the concept of bullion, because bullion is at the root of Mexico's
numismatic history. That is a period to which we now turn.
When Cortez toppled the Aztec Empire, for a time the wealth
returning to Spain was merely that taken by the victors from the
vanquished. But the business of permanently administering a vast
area in the name of the Spanish king, exploiting its natural
resources, and funneling the proceeds to Spain quite soon
involved the establishment of a mint in Mexico City. This was
undertaken in 1536, just 15 years after the end of Aztec dominion.
At first, the authorized coins were low denominations: silver quarter,
half, 1, 2, 3, and 4 reales, and copper 2 and 4 marvedis. To
understand their face values nd how they related to each other, let's
take the common reference point of a silver dollar. The silver dollar
is 8 reales, and you might recognize the nickname for the
denomination of "piece of eight" from pirate lore. The eighth part,
the silver real, was divided into 34 copper maravedis. That means
the 8 reales was worth 272 copper maravedis.
The copper coinage was hated and soon abolished, not to reappear
until 1814. The silver coins were fine as far as they went. When
the mines of Mexico began producing undreamed of quantities of
metal, however, it was the 8 reales that took center stage. This
occurred after 1572. The piece of eight became the standard
form for shipping silver back to Spain.
Mexico City's output was prodigious. Minting standards were crude.
All denominations produced are called "cobs," because they are
basically little more than irregular-looking lumps of metal on which
bits and pieces of design can be seen. The only constant was weight,
fineness, and the appearance of assayer's initials (which guaranteed
the weight and fineness). Not showing those initials was cause for
severe punishment.
Designs showed the arms of the monarch on one side, a cross on
the other, appropriate legends, and an indication of denominatin.
The period of cob issues lasted until 1732. Rulers of the period
start with Charles and Johanna,1516-1556; Philip II, 1556-1598;
Philip III,1598-1621; Philip IV, 1621-1665; Charles II,
1665-1700; Philip V, 1700-1724 and 1724-1746; and
Luis I, 1724.
Modern mint machinery began turning out coins in 1732. Quality
was similar to today. The arms design was continued. It was not
until 1772 that the monarch's portrait began appearing. The
honor of this numismatic debut belongs to Charles III. Kings
of this period are Ferdinand VI, 1746-1759; Charles III,
1760-1788; Charles IV, 1788-1808; and Ferdinand VII, 1808-1821.
The Standard Catalog of Mexican Coins by Colin R. Bruce II and
Dr. George W. Vogt is recommended to those who want to study this
period in greater depth.
The revolutionary period begins in 1810, when a parish priest,
Miguel Hidalgo y Costilla, issued the call for independence. The
first attempts to achieve this were violently suppressed. Hidalgo
was executed, but independence did come in 1821.
With revolt against central authority came a dispersal of the right
to strike coins. Mexico City continued as the major facility, but
other operations began. The list of these over the next century
is lengthy. Mintmarks and assayer initials proliferated.
The old colonial coinage standard survived the period. The 8 reales
and its parts carried on. A slight reduction in bullion content had
been ordered by the king in 1760, but otherwise things continued as
they were. Gold was coined during the colonial period beginning in
1679 based on an 8-escudo piece, which divided into eighths just like
the 8 reales. Gold, however, was not as important as silver.
Mexico's first emperior came shortly after independence. He was a
leader in the struggle that set Mexico free from Spain.
Augustin de Iturbide, originally an officer in the service of Spain, was
proclaimed emperor in 1822. He abdicated in 1823 and was executed
in 1824.
The second emperor had a reign almost as short as the first.
Maximilian I, emperor only because he had a French army to secure
the throne, reigned from 1863 to 1867. He was shot by a firing squad
when the French left.
He is remembered numismatically because he decided to decimalize the
coinage. The centavo and peso were born. Soon afterward, the republic
was re-established. Further monetary changes were minor thereafter
until 1905.
Collectors focusing on Mexico can devote much time to the study of
the quasi-official issues of rebels during the periods of instability.
They can look at hacienda tokens, which were issued by large farms or
ranches that employed hundreds or thousands of people. Or they can
pick whichever period in Mexico's history that fascinates them most.
Whatever collectors of Mexico eventually settle on, they will find it
rewarding.
Where to write for more information: World Coin News,
700 E. State St., Iola, WI 54990.
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