NGC-certified Mexico (1538) 8 Reales Soars to $587,500

Numismatic Guaranty Corporation® (NGC®) has announced that an NGC XF 45 Mexico (1538)R 8 Reales of Spanish co-regents Charles and Joanna was recently sold for a record price of $587,500. Struck in Mexico City in 1538, it is one of only three known survivors of the first mintage of the 8 reales denomination in the Americas.

Mexico (1538)R 8 Reales, NGC XF 45 Click images to enlarge.

The 8 reales was the precursor to the modern silver dollar and the 1538 pieces are often called the first silver dollars of the New World. Although a small number of 8 reales were reported to have been minted in 1538, no examples were known to exist until the discovery in the 1990s of the “Golden Fleece” shipwreck, the nickname given to a Spanish ship that sank in the 1550s. The three surviving examples of the (1538)R 8 Reales were recovered from this shipwreck and all were subsequently graded by NGC.

Daniel Frank Sedwick of Winter Park, Florida, sold the coin at auction on November 6, 2014. “NGC’s certification of all three known examples gave peace of mind to bidders about this previously unknown issue and directly contributed to our record sale of this particular piece,” says Sedwick.

“This is an extraordinary example of one of the most historically significant coins,” added Ken Krah, NGC Vice President. “The record price this NGC-certified specimen achieved marks an important milestone for the hobby.”

Visit SedwickCoins.com to view the full catalog description of this record-setting coin.