Chile KM 190 1960 5 Centesimos

Started by Derick, January 05, 2013, 09:33:46 PM

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Derick

Hi, would like to share this new addition to my modern collection. It is one of the rarest 20th century chilean coins with only one coin graded by NGC I believe. The 1960 specimens were not circulated and mintage not documented. I would like some more information regarding this coin if somebody can help. Thanx in advance.




Figleaf

That 1960 series is indeed curious. The government issued a new peso, worth 1000 old pesos in 1960. No old coins were issued in 1959, a sign that the change was planned well in advance. Yet, only the 1/2, 1 and 10 centimos (5, 10 and 100 old pesos) dated 1960 seems to have appeared in quantity. The 2 and 5 centimos (20 and 50 old pesos) were not released.

Moreover, this was not a production problem. The Santiago mint issued a reasonable amount of coins dated 1961, but again, no 2 centesimos. Maybe the problem was in the metal. The 1/2 and 1 were made of aluminium, the higher values were aluminium-bronze, making the 2 and 5 the lowest values in that metal. Officials may have feared that the cost of making 2 centesimos would rise above its denomination, due to ongoing inflation. In 1961, they may have been reassured that the 5 centimos could be made profitably. It took them to 1964 to reach that decision for the 2 centimos.

Strangely, the aluminium coins were discontinued in 1963, obviously because of high inflation, while the 2 and 5 were minted right up to the coin reforms of 1970 (there's even a common 1971 5 centimos).

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Derick

Very good explanation thank you. Have you ever seen the 1975 10 Escudos?

Figleaf

I collect by type, so I don't pay much attention to dates, but I probably haven't seen it.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.