A cob coin is a type of hand-struck coin produced primarily for use in Spanish colonies. These coins are known for their irregular shape and crude appearance. The term “cob” is believed to derive from the Spanish phrase cabo de barra, meaning “end of the bar,” referring to the method of minting these coins.
When Were Cob Coins Made?
From 1572 to 1773, Spanish coins were struck across both the Old World and the New World. Initially, they were cut from silver bars and hammered onto coin dies. These coins were generally accurate in weight, though not always in metal purity, as some were debased. Unlike machined coins, cobs often had irregular shapes, especially if a planchet was too thick and required clipping to meet weight standards. After 1732, screw presses were introduced in some mints, which allowed for better-shaped but still roughly made cobs.
The denominations of cob coins typically included ½, 1, 2, 4, and 8 reales. When circulated in places like colonial New England, larger coins were sometimes cut to make smaller changes. Since a real was colloquially called a “bit,” the expression “two bits” became synonymous with a quarter dollar, as there would have been eight bits per dollar.
Minting Techniques and Root Causes of Irregularities
Cob coins were made by casting refined silver or gold into bars or strips and then cutting off chunks to approximate a standard weight. Planchets were trimmed with chisels or shears. Unlike modern coins, cobs were not struck on uniform round blanks, leading to considerable shape variability.
The coin was placed on a fixed die and hammered with a top die. This imprecise method caused multiple flaws:
- Planchet Cracks from uneven stress.
- Die Cracks transferred raised lines.
- Doubling/Misalignment due to re-striking or mispositioning.
How to Identify a Cob Coin
Collectors can identify cob coins by looking for several key features:
- Irregular Shape: Uneven, lopsided forms from crude planchet cutting.
- Off-Center Strike: Designs are often misaligned due to manual hammering.
- Iconography: Early types include the Pillars of Hercules, later replaced by the Spanish coat of arms or Jerusalem cross.
- Mint Marks: Short letter codes like “Mo” (Mexico City), “P” (PotosÃ), “L” (Lima), “S” (Seville).
- Common Denominations: Silver in ¼, ½, 1, 2, 4, and 8 reales; gold in ½, 1, 2, 4, and 8 escudos.
Many replicas, cast copies, and fantasy pieces mimic the look of cobs but lack authentic strike depth, accurate legends, or proper weight. Modern counterfeits often show uniform casting seams, incorrect iconography, or artificial aging techniques.
Why Were Cob Coins Made So Crudely?
The crude appearance of cob coins resulted from economic and logistical choices. Spain’s vast empire stretched across the Americas, the Philippines, and parts of Europe, demanding a large volume of silver coinage for trade, tax remittance, and military expenditures.
The silver boom at PotosÃ, one of the richest mines in world history, led to a flood of bullion that had to be quickly converted into spendable currency. Colonial mints were often located in remote and under-resourced areas and faced pressure to process this silver efficiently. Minting relied on rudimentary tools and limited supply chains for replacement dies and materials.
Speed outweighed aesthetics. Coins were struck quickly, sometimes multiple times, or clipped to reach proper weight. Piracy also influenced production as coins needed to be minted and moved quickly to avoid theft. The rugged look of cobs reflects these urgent economic priorities.
Historical Context and Usage
Cob coins were produced in both colonial and metropolitan Spanish mints. Key colonial mints included Mexico City, PotosÃ, Lima, Cartagena, and Bogotá. European mints like Seville, Toledo, and Segovia struck similar pieces, especially in the earlier phases of production. The coins were widely accepted for their silver content across Europe, Asia, and the Americas. The eight reales coin, or “piece of eight,” became the world’s first global currency in transatlantic trade, piracy economies, and local markets.
While silver and gold were common, most colonial mints did not strike copper coins. Exceptions include the Santo Domingo mint, which struck maravedÃes in the 16th century and Caracas, which issued fractional coppers in the early 1800s.
Cobs and the Golden Age of Piracy
Cob coins are deeply linked to the era of piracy. They were a primary target for privateers and pirates who raided Spanish treasure fleets sailing from the Americas. Their portability and silver content made them an ideal illicit currency. Famous wrecks like the Atocha in 1622 and 1715 Fleet scattered cobs across the Caribbean seabed. Coins recovered from these wrecks are highly collectible for their maritime provenance and romantic associations.
By the late 1700s, Spain phased out cobs in favor of milled coins. These machine-struck pieces were round, uniform, and featured edge designs, making them harder to clip or counterfeit. This transition marked a broader shift toward economic modernization and centralized quality control.
