Featured 1783 "El Cazador" Shipwreck Piece of Eight

A young lady I know at the flea-market had a friend of hers helping her out that day at her stall. I'd met him once or twice before and apparently he's a rather avid coin-collector. He sold me this slabbed Piece of Eight. He let me have it cheap because the case was damaged, but I took it anyway.

I asked him what happened and he said he dropped the case and stepped on it one day and that if I wanted to, I could just remove it from the case. I decided I would, but I'd keep the case anyway, even broken, for purposes of provenance and authenticity.

According to the serial number and the information I found on it...

https://www.worthpoint.com/worthopedia/ngc-spanish-1783-reales-shipwreck-293155689

...it's from the 1784 wreck of the Spanish vessel El Cazador ("The Hunter"). My first piece of shipwreck treasure!!

 

Yes I did that when took it out to photograph it. But it's interesting that you say that about slabbed coins. I was showing it to a few coin dealers I know, and they all said that slabbed coins are a frustration. I asked them why, and they said, in effect:

A slabbed coin is 'inaccessible'. Collectors can't put them in their albums, or boxes or cases that they might have for their collections. They can't handle them in the way that they might like, and this makes them undesirable. Because of that, according to one dealer I spoke to - it's common for people to just smash them open and just take the coins out anyway. I suspect that's what the guy I bought it from was trying to do, but I dunno. All he told me was that he dropped it and stepped on it.

I have checked the coin extensively and yes, I do believe it is real. I've kept the frame that holds the coin, so that I can retain the serial number and the provenance of the shipwreck - I have also screenshotted and photographed it and the various websites many times to keep that as well, just in case. Although that said, it is highly unlikely that I would ever sell this.

 

Neat! interesting info.

 

Hi Dave,

I've read in other sites, exactly what you've said. I've also read that slabbing coins is no guarantee of protection, since it's not a vacuum or anything and as you rightly say - plastic deteriorates in ways we don't and can't know. I mean I only speak from my personal experience with people who have stored other things in plastic containers (bags, boxes, cases etc) such as antique pens and suchlike - and there are times when that can be absolutely horrendous. So I do understand your point there.

From what I've seen and read, removing slabbed coins is a regular thing, and is fine provided you don't damage the coin in the process (obviously). All the dealers I've ever bought coins from simply put them in those little cardboard coin-pouches with the plastic windows.

 

In my opinion there is added value to the provanance of the coin with that label.
If the coin matches the picture on file at NGC, I would send it back to be reslabed to retain the value of the package.