|
Cob Coins – Are these really coins?Cob coins are usually not the number one topic for those who are new to coin collecting. These unusual coins represent a very special niche in the larger world of numismatics. At first sight they really don’t seem like coins at all.A coin, after all, is round, flat, and in even average circulated condition, bears a coherent and complete design. Cob coins are almost never round. In fact they can be almost any shape imaginable, with surfaces that may be somewhat concave or convex, or have several slightly different planes that result in partially struck surfaces. Large portions of the design are often missing on cobs. Nevertheless these are coins – well respected in their time. At .930 fine, silver cobs were made even purer than the renowned British Sterling standard (.925 fine.) Cobs of gold were .920 fine, that is, 22 carat gold. Their weight, as struck, was consistent. Spanish law required that the assayer’s initial appear on every coin – with severe penalties for non-compliance. So, why do cobs look the way they do? And why are they called “cobs”? The answer to the second question will help with the first. The Spanish called these coins “caba de barra” – cut from the “end of the bar”. The expression refers to extruded silver bars of refined silver from which the raw metal for each coin was cut. The striking process was completely manual. Required were obverse and reverse dies, a heavy iron hammer, and an even heavier iron anvil. Cobs were “hammer struck” - a method that had been in use for two thousand years. European mints were moving to newer methods of coin production – mechanized processes like the screw press and the roller press. The mints in Spanish America stayed with the hammer. Indigenous labor was less skilled, and abundant. The greater productivity of mechanization was not compelling. Cobs were produced cheaply near the mines, then trans-shipped to Spain for immediate circulation. European economies clamored for a ready coinage to meet the increasing demands of trade, and as well, the funding of war. The gold and silver cobs were welcome in any quantity the mints of the New World could provide.
Images courtesy of Stack’s Rare Coins, New York City, and Goldberg Coins and Collectibles. Go to Top of Cob Coins page…
|
