Less than three weeks ago, our Treasure of the Month for June was quietly resting on the sandy covered seabed of the Atlantic Ocean. But all that changed on May 15, 2025, when Captain Mike Perna and his crew of the MV Mighty Mo brought to light three golden beauties that had eluded searchers since July 31, 1715.
The small cache of gold coins found that day consisted of three gold coins, all of which were two escudos. These coins were from two different Spanish colonial mints. Two of the coins were from the mint at Santa Fe de Bogota, Colombia, and one was from Cuzco, Peru.
Of the group, the two escudos from Cuzco are far and away the rarest. It is estimated that two escudos coins from this mint comprise less than one per cent of all gold coins of that denomination found on 1715 Fleet wreck sites. Furthermore, our featured treasure is a dated piece (1698) which enhances its rarity, as dated two escudos from any colonial mint are extremely uncommon.
The Peruvian mint of Cuzco operated as a one-year gold only mint during the Fleet Era, striking only two and one escudos. Mintage began in the summer of 1698 and ended with the final mintage occurring in the fall of 1699. Oddly enough, all the coins minted in both years are dated 1698! The design replicates Lima two escudos with the only changes being that C (Cuzco) replaced L (Lima) and M (the first initial of the Cuzco assayer) replaced H (the first initial of the Lima assayer). The Identity of assayer M is not known for certain, though many believe it to be the assayer from Lima (Melgarejo) who was on loan to Cuzco for a year.
The quality of Cuzco twos varies greatly. Although operating with Lima-made dies, the personnel from Cuzco were clearly inexperienced. Small planchets with off-center and double strikes are common, as can be seen in our featured treasure. Perhaps 60 examples of the 1698 Cuzco two escudos survive, almost all from the 1715 Fleet.
Santa Fe de Bogota was a fairly prolific gold mint during the War of Spanish Succession (1701 – 1714), striking two escudos. For some reason, many of the issues carry the name of the previous Hapsburg monarch, Carolus II (CAR), on the shield side, and the name of the new Bourbon king, Philip V (PHILLIPUS), on the cross side. Our Treasure of the Month features two coins from the Bogota mint. On both of these coins, we see the first letters CAR of the previous king to the right of the shield, but PHILLIPUS is not visible on the cross side. Some faint traces of the assayer name, Buenaventura de Arce (ARCE), are visible to the left of the shield.
The vast majority of two escudos recovered from Fleet wreck sites were produced at the Mexico City mint, with Bogota twos coming in second, Lima twos a distant third, and Cuzco twos a far distant fourth.
As far as collectors are concerned, two escudos were at one time not as popular as its big brother, the eight escudos. But recently, with prices for eight escudos reaching well into the five-figure mark, interest in collecting the far more affordable two escudos has surged. In fact, interest in all things Fleet-related has seen an increase in popularity. If one cannot afford a gold coin, there is certainly enough affordable silver still around.
Special thanks to Sal Guttuso, Director of Operations for 1715 Fleet – Queens Jewels, LLC, and Mike Perna and his crew, for providing the images used in this post. Also, special thanks to Fleet Society Vice-President Phil Flemming for supplying information about the Santa Fe de Bogota and Cuzco mints, which were incorporated into the text.
For more information about this recovery, see the official press release from 1715 Fleet – Queens Jewels, LLC.
