1916 Mexico Gold 60 Pesos Oaxaca Overstruck on an Earlier 8 Escudos Hand on Book Type
The 1916 Gold 60 Pesos were struck in Oaxaca, Mexico. Oaxaca is one of the southern states in Mexico. These coins were struck by a Provisional Government during the revolution. The coins bear the portrait of Benito Juarez.
Krause lists the 1916 60 Pesos as rare with a dash instead of the price in every grade. A nice specimen would be worth around $15,000 and this price has not changed in 20 years.
This 1916 60 Pesos was overstruck on an 8 Escudos from an earlier century. There is a considerable amount of detail remaining from the understrike.
This piece was sent to Mike Dunigan, an authority in this country specializing in Mexican coinage. He agreed that this coin is from the original dies and was most likely struck as a die trial or setup piece by using an earlier type of 8 Escudos instead of a blank planchet for the 60 Pesos.
Richard Ponterio, another expert on Mexican coinage, also examined this piece and stated that it was only one of two 1916 60 Pesos that were overstruck on earlier struck gold coins that he has ever seen.
The original dies for the 1916 60 Pesos were impounded at the ANS over 50 years ago.
There are two possibilities. Either this is a spectacular Die Trial or Major Mint Error, or a deliberately created rarity by striking an 8 Escudos with the original dies used for the 1916 60 Pesos.