Expert: Dmitry Livshits - 9/23/2009

Question
Hello. My questions is regarding a coin from 1802. It has a portrait of King( Carolus IIII ) In the other side contains the words "HISPAN. ETIND. REX.NE.2R.I.J" Recently Me and my husband saw a news report on some coins that were found in a ship in the sea. They were the same coins as the one we have. We are interested in learning the value of our coin, If we can sell it? The report informed that they were valuable and collectors have interest in these coins???? Pls. advice us of the best way to sell our coin??? Hoe do we find out how much it be worth? Thank you in advance for your help.

Answer
Hi Sonia,
You've got an early Spanish colonial 2 reales from Peru. The mint mark is actually a monogram for LIMAE, which looks like an NE or ME. These coins were made with the same design for several Latin countries, bearing different mint marks for identification.
As far as sea salvaged coin, they are typically certified by the salvage operators as being from a particular shipwreck. The majority of these coins, however, do not come from wrecks but rather are dug up from the ground. If your coin had been certified as being from a shipwreck it's value may be 5x-10x higher.
In well worn condition, this coins starts at $20 or so and goes up by $15 to $20 for each progressive higher grade, topping out at $75 or so for a high grade coin. If you are lucky enough to have a perfect uncirculated example, which are quite rare, it would be worth in the $300 range.
The best way to sell this coin is via eBay, where they are very popular and there is no shortage of bidders. I regularly sell these types of coins in this manner and often they exceed book values.
Thanks for the question! =)