The 1705 Peru 8 Escudos is a numismatic marvel, a tangible relic of Spain’s vast colonial empire during the reign of King Philip V (1700–1746). Struck in the bustling mint of Lima, this hefty gold coin represents the wealth extracted from the New World, its gleaming surface a testament to the riches of the Spanish Main. Encapsulated in a PCGS XF50 holder, this specimen is a rare survivor of time, with exceptionally well-defined castles on the cross side—a feature highly coveted by collectors of Spanish colonial gold.
Philip V and the War of Spanish Succession aka Queen Anne's War
In 1705, Spain was in the midst of one of the most turbulent periods of its history—the War of Spanish Succession (1701–1714). Philip V, the grandson of France’s Louis XIV, had ascended to the Spanish throne in 1700 after the death of Charles II, the last Habsburg king of Spain. His reign, however, was immediately contested by the Austrian Habsburgs, England, and the Dutch Republic, all of whom feared a Bourbon-controlled Spain tipping the balance of power in Europe.
In 1705, Catalonia and Valencia declared support for Archduke Charles of Austria, Philip’s rival, leading to a brutal civil conflict within Spain itself. Meanwhile, the English navy launched a campaign to seize Spanish strongholds in the Mediterranean, capturing Gibraltar in 1704. The year 1705 saw an English-led invasion of Barcelona, an event that would prove pivotal in the long war ahead.
Lima and the Gold of the Andes
Despite the turmoil in Europe, the Spanish viceroyalties of the New World remained the lifeblood of Philip V’s war effort. Lima, the capital of the Viceroyalty of Peru, was one of the richest cities in the Spanish Empire, serving as a major hub for the transatlantic flow of gold and silver. The 1705 8 Escudos was minted from gold extracted from Peruvian mines—likely from the famed Cerro de Pasco or the Madre de Dios region—and refined in the royal mint before being shipped to Spain aboard treasure fleets.
The 8 Escudos and Its Iconic Design
The 8 Escudos, often referred to as a “doubloon”, was the highest denomination gold coin struck in the Spanish colonies. The obverse of this coin features the Bourbon coat of arms, symbolizing Philip V’s new rule over Spain and its territories. The reverse, marked by the cross of Jerusalem, is particularly desirable in this specimen due to the presence of full Castles and Lions, representing Castile and León. These elements were often weakly struck or lost due to circulation wear, making their full appearance on this coin an exciting rarity.
Shipwrecks and Surviving Gold
Many 1705 Peru 8 Escudos coins met their fate at the bottom of the ocean, as Spanish treasure fleets were prime targets for storms and privateers. The most famous wreck of the era, the 1715 Fleet, carried large quantities of Peruvian and Colombian gold before sinking off the coast of Florida. Coins like this 1705 8 Escudos are often found in shipwreck recoveries, though this particular piece appears to have survived in remarkably strong condition on land.
Conclusion
The 1705 Peru 8 Escudos encapsulates an era of imperial conflict, colonial wealth, and maritime adventure. Minted at a time when Spain was fighting for its survival, this coin stands as a gleaming artifact of an empire sustained by the treasures of the New World. With its well-preserved castles and historical significance, this piece is not just a collector’s prize—it’s a direct link to one of the most dramatic chapters of early 18th-century history.