Chile has one of the most challenging and rewarding gold series of Spanish America, and in our Treasure, World Coin & Paper Money Auction 40 we are pleased to offer an unusually concentrated selection of important Santiago issues. The strength lies not only in the number of dates, but in their scarcity, survival, grade and long-established pedigrees. A number of pieces can be traced to the Fernando Segarra Collection, the Norweb Collection, and the Colección Val y Mexía, with additional important examples from Godoy and Caballero de las Yndias.
The Santiago mint was authorized in 1743 and struck its first gold coin in 1749. Unlike the better-known high-volume Spanish American mints, Santiago produced numerous gold dates in very limited quantities. That is why even a relatively modest escudo can be a far greater date rarity than its larger and more conspicuous counterpart. The transition from Charles III to Charles IV and then Ferdinand VII adds unusual portraits, old-bust combinations and scarce assayer varieties to the series.
We particularly want to draw attention to the 1758 J two escudos, one of only three known; the 1817 FJ four escudos from Norweb, reportedly one of five or six known; and several four- and two-escudos dates with mintages in the mere hundreds. We have also included a few important silver and republican pieces, especially the first-year 1817 volcano peso and the exceptionally rare La Serena countermark from the Virgil Brand Collection. These are the highlights we would examine first, but the full Chilean section merits careful study.
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Selected colonial and republican gold
Lot 842. CHILE, Santiago gold bust 8 escudos, Charles III, 1768 A, upright assayer
Very rare, NGC AU details (harshly cleaned), ex Norweb. The distinctive early “rat nose” portrait is coupled with the upright A assayer, a late correction to the earlier inverted A. The crowned arms and Golden Fleece collar are particularly sharp. We have found this corrected variety scarcer than the other 1768 A arrangements, with no other certified example recorded by either grading service at cataloging.
Provenance: Norweb Collection, Spink America, March 1997, lot 107. An unusually specific mintmark and assayer rarity, not just another early Santiago eight escudos.
Lot 843. CHILE, Santiago gold bust 8 escudos, Charles III, 1782/71 DA
NGC AU 50. An excellent intersection of two major pedigrees, ex Segarra and ex Colección Val y Mexía. The unusually long overdate is sharply expressed, with bright yellow luster, only light adjustment marks next to the portrait and minimal wear. We considered the coin close to Mint State despite its assigned grade.
Provenance: Segarra Collection and Colección Val y Mexía. A desirable overdate within the year’s reported mintage of 40,000.
Lot 844. CHILE, Santiago gold bust 8 escudos, Charles III, 1783 DA
NGC AU 55, ex Norweb. A handsome late Charles III eight escudos with bold details and the documented pedigree that makes the piece particularly attractive to collectors building a representative run of Santiago gold. The large denomination provides a useful counterpoint to the much rarer fractional gold that follows.
Provenance: Norweb Collection, as stated on the certification label.
Lot 847. CHILE, Santiago gold bust 8 escudos, Charles IV transitional, 1789 DA, private countermark
NGC AU details, private countermark, ex Colección Val y Mexía. A choice 1789 transitional issue retaining the bust of Charles III with the new king’s ordinal IV. Rich gold with rainbow toning and an intriguing small punch consisting of a cross within a triangle below the denomination.
We noted a similar punch on a 1794 Mexico City eight escudos. The identification remains open, but the correspondence raises the possibility of a merchant, goldsmith or trading-house mark applied to circulating gold. The marked coin itself is the evidence; the precise issuer of the punch is not yet established.
Lot 849. CHILE, Santiago gold bust 8 escudos, Ferdinand VII, 1810 FJ, admiral bust
NGC AU 55, ex Colección Val y Mexía. The distinctive “admiral bust” is one of the most immediately recognizable Chilean transitional portraits, a short-lived design associated with Santiago. This example offers an exceptionally bold strike, complete rims and strong luster, although lightly polished.
Provenance: Colección Val y Mexía. A particularly representative coin of a turbulent period in the Spanish monarchy.
Lot 851. CHILE, Santiago gold bust 4 escudos, Charles III, 1786 DA
Very rare, NGC AU 50, sole example in the NGC census at cataloging. This exceptionally low-mintage issue is recorded at only 697 pieces struck. Choice strike and full rims, excellent luster, and minor reverse lamination flaws, with wear largely confined to the portrait.
Four escudos of Santiago are difficult enough in general, but a well-preserved example of this specific date is something different. We consider it one of the most significant date rarities among the smaller gold denominations in this sale.
Lot 853. CHILE, Santiago gold bust 4 escudos, Charles IV, 1796 DA
Rare, PCGS AU 55, sole entry in the PCGS census at cataloging. A choice later colonial four escudos with lustrous surfaces and a strong grade for a denomination that seldom appears in this condition. An instructive comparison with the 1786 Charles III issue and the scarcer dates of the same Charles IV series.
Lot 855. CHILE, Santiago gold bust 4 escudos, Charles IV, 1799 DA
Very rare, PCGS AU 50, ex Godoy, from a reported mintage of just 2,754. We located only one other auction appearance in recent decades and knew of no other certified example at cataloging. Rich gold color, minor marks and modest wear on the portrait.
Provenance: Godoy Collection, Áureo, March 2004, lot 443. The long-established pedigree is an important part of the appeal of this date.
Lot 856. CHILE, Santiago gold bust 4 escudos, Charles IV, 1800 AJ
Extremely rare, PCGS AU 53. Only 646 pieces are reported struck, and our cataloging identified just two auction examples in recent decades, this coin and the Caballero de las Yndias example, each certified AU 53 by a different grading service. The strike is notably sharp, with complete rims and attractive luster.
This is the sort of coin that demands attention from collectors of Chilean gold by date, not simply by major type.
Lot 857. CHILE, Santiago gold bust 4 escudos, Charles IV, 1806 FJ/JF
Extremely rare, PCGS VF 30, sole example in the PCGS census at cataloging. The over-assayer FJ/JF is the feature to study here. For a specialist, a scarce assayer correction on a denomination already difficult to collect can be as interesting as a low-mintage date.
Lot 859. CHILE, Santiago gold bust 4 escudos, Ferdinand VII, 1817 FJ, bust of Charles IV
Extremely rare, NGC AU 50, ex Norweb. Only five or six examples were reported known in our catalog, with this piece the finest graded at either NGC or PCGS at the time. Rich gold and delicate reddish toning, full rims, strong date and peripheral details; the centers are only moderately soft.
The nominal 1817 mintage is recorded as only 68, although production reportedly continued under the Republic with the colonial date and design retained. Provenance: Norweb Collection, Spink America, March 1997, lot 169. One of the clearest highlights of the offering.
Lot 860. CHILE, Santiago gold bust 2 escudos, Ferdinand VI, 1758 J, bust of Philip V
One of three known. Extremely rare, NGC AU 53, ex Segarra, and illustrated in the Krause-Mishler references. The only date of this denomination under Ferdinand VI was struck using the portrait of Philip V, an extraordinary holdover from the previous reign. The recorded mintage is just 443 pieces.
The other two known specimens are the impaired Norweb example and the Medina specimen now held by Banco de Chile. Our coin is the best-preserved of the three and, in practical terms, the only unimpaired example currently available to private collectors. Deep red toning over luster, light high-point wear and a slightly off-center strike. Provenance: Fernando Segarra Collection, with an extensive auction history beginning with Superior, December 1990, where it appeared on the catalog cover.
Lot 861. CHILE, Santiago gold bust 2 escudos, Charles III, 1777/6 DA
Very rare, PCGS VF 20. Both the overdate and the date are unlisted in the standard references cited in our catalog. Bright luster for the grade, a broad flan and a bold 7 over 6. We have seen only one other example in recent decades. An important unlisted variety, irrespective of numerical grade.
The PCGS insert identifies the denomination as 2 reales in error; the coin is gold 2 escudos.
Lot 862. CHILE, Santiago gold bust 2 escudos, Charles IV transitional, 1789 DA
Very rare, NGC VF 30. The transitional coinage carries the portrait of Charles III but the ordinal IV of Charles IV. On a broad, well-centered flan with complete rims and even circulation, from a reported mintage of 1,632. Our catalog recorded just two NGC examples and none at PCGS.
Lot 864. CHILE, Santiago gold bust 2 escudos, Charles IV, 1807 FJ, bust of Charles III
Extremely rare, PCGS AU 55, the only example in its PCGS census at cataloging, with none at NGC. Just 340 pieces were reportedly struck. We also found no recent auction appearances. A very choice strike, complete rims, excellent luster and lovely yellow gold make this an especially impressive survival for the date.
Lot 866. CHILE, Santiago gold bust 1 escudo, Charles III, 1779 DA
Rare, NGC MS 62, tied for finest in the NGC census at cataloging. Brilliant pale yellow gold with complete rims and sharply preserved detail, including a repunched final 9 in the date. The reported mintage was 6,324, and only two examples were then listed by NGC, both at MS 62.
Provenance: Ira and Larry Goldberg, May 2007, lot 4252.
Lot 867. CHILE, Santiago gold bust 1 escudo, Charles III, 1783/2 DA
Very rare, PCGS XF 45, sole example in the PCGS census at cataloging. A specialist overdate of the smaller Chilean gold denomination, showing the same appeal that makes the larger escudos so collectible: scarce dies, limited surviving populations and a relatively short production history.
Lot 868. CHILE, Santiago gold bust 1 escudo, Charles III, 1784/3 DA
Very rare, NGC XF 45, ex Caballero de las Yndias. Bold overdate, rich gold with pleasing luster and rims; we thought the coin close to AU. Reported mintage 3,264. It was far superior to the only other piece listed at NGC at cataloging, graded F 12, with none at PCGS.
Provenance: Caballero de las Yndias Collection, Áureo & Calicó, April 2009, lot 60.
Lot 871. CHILE, Santiago gold bust 1 escudo, Charles IV, 1801 AJ
Extremely rare, NGC VF 30, ex Norweb. A low reported mintage of 1,088 and no auction appearances we could locate in the decades since the 1997 Norweb sale. Full rims, surprisingly bold portrait for the grade, aged yellow gold and only moderate wear.
Unlike the larger 8 and 2 escudos of the period, which retained Charles III’s portrait, this smaller gold piece displays the proper portrait of Charles IV. Provenance: Norweb Collection, Spink America, March 1997, lot 128.
Lot 872. CHILE, Santiago gold bust 1 escudo, Charles IV, 1808 FJ
Rare, PCGS AU 55, the finest numerically graded example in its PCGS census at cataloging. Last year of the type, reportedly just 2,448 pieces. Remarkably brilliant, with full rims, virtually no wear, a typically soft portrait and reverse adjustment marks. A strong specimen for a date and denomination not often seen so fresh.
The silver and republican connection
Lot 890. CHILE, Santiago silver bust 8 reales, Charles IV, 1799 DA
NGC AU 58, tied for finest in the NGC census at cataloging. Deep rainbow toning over strong luster and a well-detailed strike with nearly complete rims. A handsome example of the late colonial silver that circulated alongside these gold issues, and a good illustration of how much harder choice preservation can be than the simple mintage suggests.
Lot 912. CHILE, Santiago silver volcano peso, 1817 FJ
PCGS MS 62. The first year of independent Chilean coinage bears the new republic’s erupting volcano motif, in marked contrast to the royal portraits of the colonial period. This is an unusually appealing Mint State example, with fine light rainbow toning over luster, clean surfaces and only the slightly irregular rims typical of manufacture.
The “volcano” peso is among the most emblematic silver types of independent Spanish America, and this first-date example belongs in any serious survey of Chilean numismatics.
Lot 916. CHILE, La Serena countermarked 4 reales, 1833, on Argentina 1815 F host coin
Extremely rare, ex Virgil Brand. NGC FR 2 on the host coin, with a VF countermark. The official La Serena volcano-over-SER. punch, applied in 1833 to an 1815 F Potosí four reales of the Argentine River Plate Provinces, is among the great rarities of South American countermarked coinage.
A decree of March 29, 1833 authorized six Chilean Treasury offices to validate certain earlier River Plate issues. Our catalog records just six genuine SER. countermarks across all denominations, including only three on four reales. The host is worn, but the stamp is deeply impressed and complete. Provenance: Virgil Brand Collection, Schulman, November 1964, lot 3740. The host is properly four reales, not four soles as stated in the NGC label.
Lot 917. CHILE, Santiago republican gold 8 escudos, 1843/2 IJ, reeded edge
NGC AU details (edge filing), ex Norweb. We include this republican gold piece as a fitting continuation of the colonial series, with a bold 1843/2 overdate and rich red toning over luster. The edge filing cited by NGC was not apparent to us and had not been mentioned in the original Norweb catalog.
Provenance: Norweb Collection, Spink America, March 1997, lot 219. A useful bridge between the colonial bust gold of Santiago and Chile’s independent gold issues.
Why this group deserves attention
For us the most compelling feature is the combination of rarity and documentation. The Segarra 1758 J is a true three-known rarity, not merely a sparse grading-population coin. Norweb brings documented ownership reaching back to the 1997 dispersal, while the Val y Mexía coins add a coherent run of gold and silver that can be compared across reigns, denominations and varieties. The lesser denominations, especially the four- and two-escudos issues, are a particular opportunity for the serious Chilean specialist.
Beyond the gold, the 1817 volcano peso records Chile’s deliberate break from royal imagery, and the 1833 La Serena countermark shows how the young republic regulated circulating foreign silver. Taken together, the coins tell a much broader story than a list of impressive grades or dates.
Auction information
Sedwick & Associates, LLC
Treasure, World Coin & Paper Money Auction 40
Dates: November 5 to 7, 2026
Chilean coins featured here: Session 4, Ancient & World Coins by Country
Session 4 begins: Friday, November 6, 2026, at 9:00 AM Eastern Time
Buyer’s premium: 22% added to the hammer price, plus any applicable taxes or charges
Registration: New bidders are asked to register at least 72 hours in advance so references can be verified.
Our Auction 40 comprises nearly 1,950 lots in six sessions, including treasure and shipwreck material, colonial cobs, world coins, medals and paper money. Lot pages on auction.sedwickcoins.com are the definitive source for current terms, estimates, corrections, images and live bidding.
Sedwick & Associates, LLC
P.O. Box 1964, Winter Park, Florida 32790, USA
Telephone: +1 407 975 3325
Browse Session 4 and bid directly at Sedwick
Further historical reading: Casa de Moneda de Chile, History and Museo Numismático, Chilean monetary history.
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