Brazil's 1st gold coin & the HA Pernambucana Sale

I participated live in Heritage's Pernambucana Sale Thursday; May 6th and was outbid on virtually everything. The sale was exclusively Brazil & very strong in silver and less so in gold. There were a number of interesting pieces that I really expected to win as I'm somewhat of an unreasoning nut for Brazil having lived there (I'm not Brazilian) for 3 years and a member of their National Coin Club (the SNB).

One coin that I'd been looking for for years is Portuguese Brazil's 1st gold coin: the 1695 4000 reis. It's a one-year type: or rather subvariety, the country having apparently modernized the design for subsequent years. During the entire time I lived in Brazil I never even saw one, and I must've looked at thousands of gold coins there.

Anyhow there were two AU's at the sale. NGC lists a total of 3 known: an EF details, an AU details scratched and an AU Details cleaned. I bid on the AU Details cleaned and got it at a very cheap price (IMO). Now I know it's a "Details" grade but I've looked at every pre-1700 Brazilian gold coin I could find: including viewing every single Brazilian piece at the Eliasberg Sale of rare gold in person. Every single pre-1700 piece I saw has some sort of damage. I didn't see a single exception.

I guess this is the state of the market? Everyone wants wonder coins in top grades but there's no interest in rare and important coins, even if they're the best known, if they have any kinds of problems?

Anyhow here's the HA piece:


I should add that I also own a 1696 4000 reis (2nd year of issue). I bought it years ago from a dealer in Sao Paulo, Brazil (at an SNB Club show). It is damaged (as he described) having 3 very small scratches under the little shields in the seal. The scratches are too small to appear in my photo but can be seen with a Hastings-Triplett. Otherwise, I feel the coin would slab a solid 64. With the scratches, it may either slab 62 or "Unc Details" depending on submission time and the phase of the moon.



I guess it's just the times: people only want gems and "conditional rarity". If one gets away from that "fad", there are still nice important coins to be found at reasonable prices.

 

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That is an awesome coin. Who really cares if it has problems ? If you are happy with it...then enjoy it.