The NGC info: History: The 1823 1/8 Peso is one of the very first coins of Independent Peru. Small coin was scarce at this time, with much of the current coins and precious medals surreptitiously being traded at the countries ports and shipped overseas. The coins of Chile were briefly approved for circulation in Peru. A motion for striking new debased coins fell through; instead copper 1/4 and 1/8 Pesos were issued to meet the need of small coin (a copper 1/4 Real, the first coin of free Peru was minted the year before). Part of the purpose of these coins was the amortization of the brief issuing of paper money in 1822 (this paper money is now very rare). The government tried to enforce the use of the new copper coins by threat of monetary punishment for those who didn't accept them. In the end, they were too easily counterfeited and this brief experiment was given up. The 1/8 Peso is the size of a Real, but much thicker. The obverse design on the 1/8 Peso is quite glorious, featuring a resting vicuna with the Andes mountains in the background, a radiant sun, and a pole with cap. Why do some of the 1/8 Pesos have a "V" near the date? This was a mark used to account for which coins had the copper supplied by one Cayetano de Vidaurre. Vidaurre had been contracting with the Lima mint to provide copper for coinage since 1810. The 1/8 Peso is usually available in circulated grades. Severe pitting and planchet issues are the norm. Finding a pleasing example takes effort. In mint state they are somewhat scarce. The "V" coins are more difficult, but usually available in circulated grades; they are quite scarce in mint state. Krause gives a value of $45 in XF for the regular type. That's about right. They don't offer further pricing in better grades. In low-end mint state expect to pay $100-$250 depending on the quality of the planchet. Krause values the "V" at 145 in XF. This is too high at that grade level. However, the top graded MS 62 sold for $646.25 at Stack's in November 2013; a strong price. Flatt and Krause report that the 1/4 and 1/8 Peso were re-struck during festivities celebrating 100 years of Independence in 1921. This may be so. However, none of the coins I've seen on the market look much like restrikes. Most mint state coins are lower-end, with pitting and no mint red. Could these really be restrikes? I doubt it. Yet, Flatt states that most mint state coins are re-strikes. The jury is out. The PCGS graders have messed up the varieties. I have tried to adjust to the best of my ability below. Please read carefully. Population for regular type: One in XF 45 at NGC, one in AU 50 at NGC, one in 53 at NGC, five in 55 at NGC, one at PCGS, one in 58 at NGC, two in MS 62 at NGC, three in MS 63 at NGC, one at PCGS Red-Brown. Sixteen total, six in mint state. All are brown except the one as noted. Population for with "V": One in XF 40 at PCGS, one in AU 50 at NGC, one in AU 55 at NGC, one in AU 58 at NGC, one in 61 PCGS, one each in 62 at NGC and PCGS. Seven total, three in mint state. All are brown. PCGS has labeled all their coins in the pop report as "V". This is incorrect. I have been able to suss out which are which, and have adjusted them above, save for their MS 60. So there is also one MS 60 Brown, unknown variety, not included above. Francisco Yabar Acuna's book "Monedas Fiduciarias Del Peru" has considerable information on these early copper coins. Set Specimen: Dark chocolate with cartwheel luster. Unusually well struck and centered for the type with minimal pitting reserved to a small patch on the reverse. Tied with one, four better in MS 63 for non-"V" type. The set gets one copper coin!