Piece of Eight 1652 Pendant

One of my favorite coins has a hole in it.
   I like that it has a hole in it. Someone found beauty in this coin and decided to wear it. The piece is sharply struck and full of details. It is smoothly worn, as if fingers fondled it while it hung from the neck. A coin like this -- broad, thick, all silver -- must have felt reassuring.
   This piece of eight was only minted for a short time -- a few months at best. It was produced in early 1652 at the Potosi mint, high up in the Andes in what is now Bolivia. During this year, a number of design changes were made in order to add as much information on the coin itself and to find the right aesthetic balance in doing so.
   For years before, there was malfeasance at the mint: debased and under-weight coins were the norm in the 1640s. Consequently, the officials charged with cleaning up the mint wanted to redesign the coins so that it was clear who the mint assayer was and when the coins were made. At the Potosi, the 1652 coins were at the center of what was to be called: "the great transition."
   This transition included arresting several mint officials. Some were jailed; as least two were executed. The coins were redesigned to depict the old pillar-and-waves motif that was first used in Mexico in 1536. Above the waves on this coin, the denomination "8" and assayer "E" was placed twice. The  motto "plus ultra" was added across the middle with the king's initial "F" for Phillip IIII in the top line. The date "ANO 1652" was placed within the inner rim of dots (a bit double-struck on this specimen). Yes, lots of data!

Eight Reales dated 1652. Holed and Loved.
And Loved still.

   This coin is known as a Type IV coin (there were eight types in all -- with many variations). It took until 2015 for all these types and subtypes to be cataloged by Robert Mastalir Divisek. His research shows that this coin is of the most common types with at least 118 known (he has pictured over 100 of them from auction records). As such, this coin is a rare one. But fortunately, the demand is low. Everyone wants Morgan dollars instead -- good!
   This particular coin was attractive enough to be worn. I doubt that it circulated much. Typically, the smaller fractional pieces were used for day to day transactions. A big piece like this must of felt good in the hand -- after all, it was about two weeks pay for most laborers.
   Most of the big eights like this one were shipped back to Spain; hence, the bulk of them come from shipwrecks. RMD has noted that two-thirds of all Type IV transitional eights come from sunken ships -- most from the Capitana that sunk in 1654. As such, this coin is a rare land-find. Still, it might look vaguely familiar to you: it is the plate coin in the Krause-Mishler catalogs.
   I wonder how long it was worn? And where? Did a Spanish official have it around his neck? Maybe a mine owner, or silver broker. Or, perhaps one of their wives. I suppose a mariner could have holed it? Hmmm, maybe it was on a galleon after all! It was not recorded as such.
   Of course, we can never know for sure. But what we do know is that it was singled out, holed, and worn in one way or another. This heavy piece is too big to be pinned inside a coat for use as money. No, it was no longer valued as money, but as a pendant of some sort.
   Yes, I like the hole. I like that this coin was always special to someone.
   Maybe I should wear it.