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The Manila Counterstamps.
As tea, spices and silk flowed out of Asia to Europe in the 17th and 18th centuries, the chief means by which payment was made for them was in the coin mainly produced by the rich silver mines of Mexico , Bolivia and Peru in the Spanish American colonies. China did not exactly welcome foreigners and was still strong enough to resist their penetration, so it came to pass that the conveniently located city of Manila in the Spanish possession of the Philippines arose as a major entrepot in the "China Trade".
The Chinese loved silver, even to the extent of valuing it higher in terms of gold than nearly any other country. Aside from merchandise, a lucrative "bullion trade" also operated, very much to the advantage to the West. The Chinese might offer an ounce of gold for only twelve ounces of silver but the westerner might be able to trade that gold for something like fifteen ounces of silver. So every year a Spanish treasure fleet loaded with silver left Acapulco for Manila to take advantage of the "China Trade".
Unfortunately for the Spanish, their source of silver largely dried up in the 1820s as nearly every one of their American colonies proclaimed themselves independent countries - successfully, even though given "battles of the revolution" might have occupied several years. But by 1828, Mexico , Peru and Bolivia - the three main sources of silver - were all independent. Even though Spain refused to recognize them as such.
" Manila 1830" cstmp on Bolivia 8-soles (date obliterated)
By 1828, most of the silver coin available to Spain - as well as nearly everyone else - for "China Trade" purposes was still from the big deposits of Mexico , Peru and Bolivia , now all independent. The Spanish found it intolerable to use this "rebel coinage" as-is since its use seemed to imply acceptance of their former colony's independent status, something that Spain continued to deny. For this reason, it was decided to overstrike the "rebel" silver in Manila with dies that would obliterate the underlying offensive designs - and this was done by decree of the Captain-General of the Philippines , 13 October 1828 . The counterstamping of this type was done only on 8-reales' size coins and although carried on until 1832, it was an 1828-dated die that was mostly used. There is one such coin, probably unique, dated 1829 and those dated 1830, such as that shown, much rarer than the 1828 date.
The overstamp has for an obverse the words MANILA / (date: 1828, 1829 or 1830) within a serrated circle whose long rays obliterate the former legend. On the reverse we see the crowned arms of Spain surrounded by HABILITADO POR EL REY N.S.D. FERN. VII ("Rehabilitated by the King our Lord Don Fernando VII")
It was found that this big counterstamp was very hard on the dies and the Manila Mint ill-equipped to easily make numerous duplicates. For this reason, it was decided to change the countermark to much smaller one (decree of 27 October 1832): usually a small circle enclosing a crowned F.7o monogram for the rest of King Ferdinand of Spain's reign (died 24 December 1834) and then another enclosing a crowned Y.II. for his successor, Isabel II.
Both small countermarks, while usually on 8-reales' size silver coins, are also found on the smaller denominations as well as South American gold pieces.
If the goal was design obliteration, these small countermarks were a joke. Nor were they any guarantee of weight or fineness since the independent countries' coin might be slightly lighter, heavier, less- or more fine than the old Spanish "pieces of eight", gold "doubloons" and all their fractions. The Chinese traders would not be in doubt anyhow; it was their business to know exactly what they were receiving.
Having long since ceasing to serve any real purpose, the Manila countermarking came to an end by edict of 31 March 1837 when Spain officially recognized the independence of her former American colonies.
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