The Ecstasy of Spanish Gold By Josh Scott
Colombia two escudos were minted during the reign of King Charles II. Courtesy of PCGS TrueView.
Since the dawn of civilization, gold has been the most sought-after commodity in the world. It has been used throughout history for trade, manufacturing jewelry and religious icons, decorating arms and armor, and, of course, minting currency in the form of coins. As a coin collector and history buff, I have always been fascinated by the quest for lost treasure and the exploits of pirates on the high seas. This fascination evolved over the years into a passion, especially for coins and artifacts, from the period between the reign of King Philip II of Spain (1556-1598) through the golden age of piracy (1650-1720). It all started with my father giving me a couple of eight reales, often referred to as “pieces of eight,” recovered from the Nuestra Señora de Atocha. This led me to take a deep dive into deciphering the mintmarks, assayers’ initials, legends, castles, and other features on these coins known as “cobs.” When I got older, I had the opportunity to buy my first gold doubloon, an almost uncirculated two escudos struck during the reign of King Philip II. The moment I saw that coin, I was hooked, and there’s nothing quite like holding a 16th-century Spanish gold doubloon in your hand! The History of the Doubloon The word doubloon comes from the Spanish word doblón, or “double,” i.e., double escudo. Escudo is a Spanish word that means “shield.” A two escudos doubloon should weigh close to
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Lima two escudos minted during the reign of King Philip V. Courtesy of Josh Scott. 6.76 grams and be of the purity of 22-karat gold. Doubloons were minted at a variety of mints throughout Spain, including Seville, Segovia, Toledo, Valladolid, and Madrid, as well as the viceroyalties such as New Spain (Mexico), Peru, Bolivia, Columbia, and others. The rarity of gold cobs makes them highly sought after, especially specimens that display the most complete details. Gold cobs also offer an abundance of unique characteristics for collectors, including numerous designs, assayers, mintmarks, die varieties, errors, and neat shapes. The design of most doubloons (except those that display the pillars and waves design) have the Hapsburg shield struck on the obverse and a Jerusalem Cross, also known as the “Crusader’s Cross,” emblazoned on the coin's reverse. The
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