How to Identify the Spanish Colonial Gold Escudo (Doubloon)

What It Is

The Spanish Colonial Gold Escudo, popularly nicknamed the doubloon, was struck at mints throughout Spain's American empire (including Mexico City, Lima, Potosi, Bogota, and others) from the 16th through early 19th centuries. It circulated as one of the dominant gold trade coins of the early modern world and came in denominations of 1, 2, 4, and 8 escudos.

Obverse Design

Early "cob" coinage (irregularly shaped, hand-cut planchets) typically shows a cross with lions and castles in the quarters, reflecting the arms of Castile and Leon, often crudely struck off-center. Later "milled" (machine-struck, round) coinage from the 18th century shows a crowned shield with the Spanish royal arms, or in some periods a portrait bust of the reigning Spanish monarch.

Reverse Design

Cob-era reverses commonly show the Pillars of Hercules with waves between them and a crown above, along with the denomination and mint/assayer marks squeezed into available space. Milled coinage reverses generally show the pillars flanking two globes with a banner reading "PLUS ULTRA," or a crowned shield design depending on the exact period and denomination.

Size, Weight, and Metal

Struck in high-fineness gold (commonly around .875 to .917 fine depending on era and mint), weight scales with denomination: an 8 escudo piece (the largest, true "doubloon") weighs approximately 27 grams, while smaller denominations weigh proportionally less. Cob coins are irregular in shape and diameter due to hand-cutting, while milled coins are round and consistent, typically around 37mm for the 8 escudo.

Mint Marks

Look for a mint mark letter or symbol (such as "Mo" for Mexico City, "P" for Potosi, or "L" for Lima) along with an assayer's initial, usually placed near the shield or pillars. These marks are essential for identifying exactly where and roughly when a specific coin was struck.

Telling It Apart From Similar Coins

Cob coins are often confused with other irregular hand-struck colonial issues from the same era; the key identifiers are the specific mint mark, assayer initials, and denomination numeral. Milled doubloons can resemble other 18th-century European gold coins, but the combination of Pillars of Hercules, "PLUS ULTRA" banner, and Spanish mint marks is distinctive to this series.

Judging Condition at a Glance

Because cobs were hand-cut and often struck off-center or with incomplete legends by design, "full flan" high-grade cobs with complete crosses and pillars are prized and relatively scarce. For milled coinage, check the sharpness of the crowned shield or portrait and the clarity of mint and assayer marks near the rim, which wear down first.

Authenticity Red Flags

Given the doubloon's fame (partly from pirate lore), it has been widely counterfeited both in period and in modern times as jewelry or souvenir pieces. Check for correct gold weight and fineness, and be wary of pieces with obviously modern, machine-perfect finishes being sold as irregular cobs, or of "shipwreck" coins lacking any believable encrustation or wear consistent with their claimed history.