1872, Mexico (2nd Republic). Silver Peso "Scales Dollar" Coin. Guanajuato!
Mint Year: 1872
Mint Mark: Go (Guanajuato).
Reference: 1872-GoFR, KM-404.4.
Condition: A few edge hits, minor circulation marks in reverse, otherwise VF-XF!
Material: Silver (.9027)
Obverse: Illuminated Phrygian cap with "libertad" inscription, above scales, sword and scroll.
Legend: UN PESO Go S. 902.7
Reverse: Eagle with a snake in its beak, standing on isle with a cactus plant, surrounded by water. Date and wreath below.
Legend: REPUBLICA MEXICANA (terminated by olive and oak branches) 1872
Guanajuato is actually a relatively small city with less than 100,000 inhabitants. Its importance lay in the large silver mines located nearby. These mines resulted in great quantities of provincial coins being minted. Guanajuato also played a major role in Mexico's independence movement. Father Miguel Hidalgo began the 1821 insurrection there.
The peso was originally the name of the eight-real coins issued in Mexico by Spain. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century. After Mexico gained its independence in 1821, the new government continued the Spanish monetary system of 16 silver reales = 1 gold escudo, with the peso of 8 reales the largest silver coin. Paper money was also issued, denominated in pesos.
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