To understand the origin and value of the macuquinas pieces, also known as “Cobs” in English, it must be understood that each piece is unique, since they are coins handcrafted with a blank or a die, in American mints but always maintaining the weight of their denomination, in the case of the 8 silver reales it corresponded to 27.0642g and with a purity of at least 90%. The origin of the word comes from the Quechua “makayquna” (made by blow).
The Spanish government guaranteed the purity of the coin along with its weight through the assayer, engraving his initial on it in the design of the coin itself.
The main characteristic of these coins is their asymmetric and irregular minting, mainly due to the fact that for hundreds of years it was the lack of material and technology for their implementation that caused it.
To counteract this artisanal issuance, the minting sites were identified with a system of letters and symbols for each mint.
- Mexico: M
- Lima: L
- Potosi: P
- Bogota: NR / SF
- Cartagena: C
- Guatemala: G
For better identification of mints and assayers along with the value, a system of “pillars and waves” was designed in which the mint is differentiated both by the symbols and by the position of the sea waves.
Image 1. 1733. Philip V. Potosí. 4 reales.
- Top left – P mint
- Top center – Denomination and value of the coin “4” reales
- Top right – Assayer “M”
- The 3 central spaces for “PLUS ULTRA” “beyond”
- Bottom left – Assayer “M”
- Bottom center – 2 or 3 digits of the year of minting (733)
- Bottom right – P mint
In the mints of Lima and Potosí they are generally seen incomplete, therefore, we have 2 ways of distinguishing them;
1- Minting periods by cross-checking them with the assayer at each of the mints
- Lima: 1684 – 1752
- Potosi; 1652 – 1773
2- Wave diagram
- Lima; year at the base of the wave
- Potosí; a year on the crest of the wave
Ultimately, the beauty of these coins lies in the ingenuity of the minting, along with their purity. Proof of this is that they remained legal tender in the United States until 1858.