Heritage Auctions, Inc.   |   Sale #1283   |   10 November 2018 Sort by Lot-NumberSort by Estimate
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Lot 15049

Estimate: -   |   Starting price: 1 USD ---
(1811-15) Undated Planters Bank Countermarks, Also Countermarked "Bad." HT-124. See Brunk-67 and Brunk-112, Poor 1 NGC (c/s XF Standard). Poor 1 is the grade of the host coin; NGC has determined an XF grade for the counterstamp. Cut pieces of Spanish and Spanish-American 8 reales circulated widely in the early 1800s. The lack of federal small change forced New Orleans-based Planters Bank to counterstamp pieces of cut coinage as a means of verifying weight and authenticity. This example shows a partial P.B. countermark on the obverse, while the NOUVELLE ORLEANS / eagle reverse mark is incomplete and shows damage. A second countermark says "Bad" (also a Planters Bank mark) to indicate the piece was substandard. Years later, Planters Bank gathered together all of the cut pieces they could find and shipped them to the Philadelphia Mint, where they were melted for bullion. Ex: Eric P. Newman Numismatic Education Society.HID05401242017

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