Pre-Columbian Series – Aztec Collection – Silver 1 Oz. (Uncirculated & Proof)

by Alberto Rodriguez

Introduction

For many years, I was a stacker of 1oz world silver coins. From American Silver Eagles to Canadian Maple Leafs, Australian Kookaburras, British Britannias, Chinese Pandas, et al. There was, however, one exception, the Mexican Libertad. as I found the relative premium to spot a hard pill to swallow. It was not until 2021, through various online stacker and numismatic communities on Reddit, Instagram, and Facebook, that I began to appreciate and begin collecting the silver Mexican Libertad. The Libertad, known for its limited mintage vs. other world coins, drove my desire to collect other Mexican Modern sets.

Ultimately, I became fascinated by the Pre-Columbian series. Not only did I find this collection to be the Libertad on steroids mintage wise, but this series illustrates the charm of coin varieties found throughout any era of Mexican coins. But unlike the Libertad, Pre-Columbians have long been regarded and valued as no more than bullion. This predisposition has changed in recent years, and this series has taken a liking to Mexican coin collectors and has seen demand surge accordingly. Furthermore, this is the first known undertaking to address a major deficiency in authoritative catalogs and online coin directories. They only publish supposed original mintages and leave out documented restrikes, by the Banco de México, from consideration. The Pre-Columbian series, in fact, minted additional strikes from the years 2000 – 2011. It is my expectation that this article will give this long-underappreciated series some focus, elicit more clarity into estimated actual mintages, as well as instill a little love with the hope that more collectors will consider pursuing this series.

Background

At the ANA's Convention in Baltimore on 28 July 1993, the Banco de México announced the beginning of a new commemorative coinage program, to be known as "The Pre-Columbian Coin program". This event was to coincide with the 500th anniversary of Christopher Columbus’s discovery of the Americas in 1492. This series honors six Pre- Columbian civilizations: the Aztec, Central Veracruz, Mayan, Olmec, Teotihuacan, and Toltec cultures. These coins were released in both silver and gold Brilliant Uncirculated (BU) and Proof. In addition to the 1oz, varieties for the ¼oz, ½oz, and 5oz were also issued. Showcased in this multi part series will be the silver 1oz silver BU and Proof collections. 1oz silver coinage is typically the most sought after size by collectors and therefore the focus of these articles.

The Aztec Collection

The first series released in 1992 was to honor the Aztecs. This culture originated in the northern part of Mexico at Aztlan, in what is now known as Arizona and Sonora. This Nahuatl speaking tribe referred to themselves as the Mexica or Teochca. In the 13th century after a century of nomadic wandering, they settled on small islands in Lake Texcoco. In 1325 they created the city known as Tenochtitlan, which is now Mexico City. In the 15th century the Aztecs were only exceeded in size by the Incas in Peru. This culture was a highly specialized society with expanded trading, an imperial administration, and an agricultural economy.

Like most other Mesoamerican cultures, the Aztecs worshipped numerous gods, many of which they appeased, often continuously, with blood. The patron god of Tenochtitlan, as well as the god of war and of the sun, was Huitzilopochtli, and it was to him that many of these sacrifices were made. Humans, usually slaves captured in war, were brought to the great temples and sacrificed by extraction of the heart. Non-fatal tributes, via self-bloodletting, were also offered on a regular basis. Much of the Aztecs' art was devoted to the gods and used in religious rituals, the most significant of which were performed in the twin pyramids of the Templo Mayor (Main Temple). This structure, situated in the center of Tenochtitlán, was dedicated to Huitzilopochtli and Tlaloc, the god of rain. The Aztecs observed a 260-day religious calendar and a 365-day solar calendar, which consisted of 18 months of 20 days each (plus five extra days).

This Aztec Empire ceased to exist when Cuauhtemoc died. He ruled the Aztecs in 1521 during the siege of Tenochtitlan and led the fight against Herman Cortes and his Spanish conquistadors. Surrendering after weeks of street fighting, Cuauhtemoc was tortured and put in prison. Later Cortes hanged him on his march to Honduras.

The Aztec collection had several changes from the original issues, due to the coinage reform of 1992. Some of the same coin designs were released both in 100 "old" pesos and 5 "new" pesos.

Brasero Efigie

Effigy braziers depicted various gods and were used for incense and other fire-related rituals. The Brasero Efigie (Brazier Effigy) design depicts one such vessel, which is held in the Museum of the Great Temple at Tenochtitlan. The vessel honors Tlaloc, the god of rain and creation, one of the most important Aztec deities. The Aztecs believed that Tlaloc's tears flowed down his cheeks and regenerated the crops and fields. The repeated symbol in the coin's border is the Aztec glyph for "hand," as depicted on the Stone of Moctezuma I.

The 1-ounce silver Brazier Effigy design was first issued in 1992, denominated 100 pesos, in Proof only. This original 100 peso denomination was demonetized by the Coinage Reform of 1992. In 1993, the design was reissued in the new 5 pesos denomination in both Brilliant Uncirculated and Proof. Both formats that year were struck in several varieties. The Variety numbers, to be discussed in the following sections, are recognized by numismatic catalogs such as the Standard Catalog of World Coins and the Whitman Encyclopedia of Mexican Money. However, these catalogs have one major shortcoming. They only publish original mintages and leave out restrikes from consideration. The Pre-Columbian series, in fact, minted additional strikes from the years 2000 – 2011. This is the first known organized effort to incorporate the additional mintage from these years and as well as another vital factor to be discussed in the following section.

Brasero Efigie – Brilliant Uncirculated (BU) Variety Overview

The Variety 1 has as reverse with a brazier effigy of the god Tlaloc in the center of the field, with the date to the left and the mintmark to right (MMR). BRASERO EFIGIE is displayed on the exergue below. Surrounding the field is a border of Aztec glyphs for “hand” with the $5 below. Variety 2 has a reverse with both the date and mintmark to left (MML). There is another variety not officially documented in major catalogs that will be designated here as Variety 3 that is also MML and further distinguished by its incused denomination.

Variety 1 (MMR)
$5 New Pesos Raised Denomination

Variety 2 (MML)
$5 New Pesos Raised Denomination

Variety 3 (MML)
$5 New Pesos Incused Denomination

It has been long and frequently published by the aforementioned two catalogs that the BU Variety 1 - Mint Mark Right (MMR) has a mintage of 2,000, but only the Whitman Encyclopedia of Mexican Money lists a mintage of 1,580 for the BU Variety 2 - Mint Mark Left (MML). There has never been any information published on the BU Variety 3 incuse denomination. The Banco de México currently has published mintage numbers on their website only for the year 2000 and onward. Since no mintage tables are published on the Banco’s site for years prior to 2000 for this series, the original mintage number is a contentious one and we are left to inference using the above-mentioned secondary guides and additional anecdotal information to follow. While the Standard Catalog of World Coins lists only 2,000 mintage for their Brasero Efigie (KM #648) entry with only a Variety 1 design displayed, the Whitman Encyclopedia of Mexican Money itemizes 2,000 original strikes for Variety 1, but also specifies 1,580 for Variety 2. There have been additional strikes of the coin, but with no distinction for variety, from the years 2000 – 2011 listed on the Banco de México’s website. These latter restrike mintages amount to 2,900. The dilemma is whether Banco de México worked with two dies for the original strikes or only one. While my answer to this may prove contradictory in the subsequent discussion of the proof mintages, the following specifics support that there were two dies for the original BU strikes. But first we will determine the Variety 3 mintage. While no source of any kind has established mintage on the BU Variety 3 incuse denomination, from private group sale prices (>$1,000) within online Mexican coin communities coupled with the difficulty of procuring this coin versus other very scarce 1 oz. silver Mexican coins, I would estimate the mintage of this variety to be about 500. This amount must be deducted from the 2,900 cumulative restrike count leaving us with a 2,400 residual restrike mintage. Now the Brasero Efigie happens to be my favorite coin in the entire series and as an owner of over 100 Brasero Efigie BU coins, my ratio is 2:1, in favor of Variety 2 MML over Variety 1 MMR. Recent auctions and private sales within online coin and numismatic communities also support this estimate, as Variety 1 commands higher prices. This sample size for such a low mintage coin renders statistical credibility to the inference that in order for the aforementioned 2:1 ratio to hold true, there must have been 1,580 original Variety 2 strikes and the residual 2,400 restrikes had to have been all Variety 2. This places the Brasero Efigie BU grand total mintage at 6,480.

Another parameter to take into serious consideration for this series is what I will call the Melted Factor. Anecdotally several folks in the business, both in Mexico and the United State, have suggested that during the parabolic silver price run up of 2010-2011, 35%-50% of silver Pre Columbians have been melted during that time period. Further evidence from Mexican coin collectors and old online message board posts suggests this series was long treated like bullion and has long sold for spot. Many surviving pieces also have evidence of acid tests on the surface. Taking this Melted Factor of 35%-50% into consideration would render more accurate estimates of actual surviving mintage.

Collating the preceding factors results in the following mintage table for the Brilliant Uncirculated Brasero Efigie varieties: 

Brasero Efigie – Proof Variety Overview

There are four known varieties of the 1oz Brasero Efigie Proofs. The first variety was released with a 1992 date and the
$100 "old" pesos denomination, specifically with the date to the left and the mintmark to right (MMR). The Brasero Efigie, Guerrero Aguila, Xochipilli, and Huehueteotl of the Aztec collection are the only 1oz coins of the Pre Columbian series with this $100 “old” peso denomination. This variety has not been documented under a Variety # designation. This proof has a frosted border area on both sides, with incused and mirrored denomination on the reverse as well as an incused and mirrored legend 1 ONZA DE PLATA and LEY 0.999 below it on the obverse. The inner field areas are mirrored on both sides.
The second variety, Variety 1, shares the same coin elements as its Brilliant Uncirculated counterpart, but is further distinguished by a mirrored inner field and border area on both sides with a raised and frosted denomination on the reverse as well as a raised and frosted legend 1 ONZA DE PLATA and LEY 0.999 below it on the obverse.
Variety 2 shares the same coin elements as the Brilliant Uncirculated, but has a frosted border area on both sides, with incused and mirrored denomination on the reverse but the features on the obverse,1 ONZA DE PLATA and LEY 0.999 below it are not incused and mirrored. The inner field areas are mirrored on both sides. Variety 2 is known in Mexican Numismatic circles by the sobriquet of Frosty.
There is a Variety 3 for the Brasero Efigie. It shares all the characteristics of the Variety 1 with the exception of the mintmark placement. Variety 3 has the mintmark to the left (MML).

$100 Old Pesos (MMR) Incused Denomination

Variety 1 (MMR)
$5 New Pesos Raised Denomination

Variety 2 (MML) “Frosty”
$5 New Pesos Incused Denomination

Variety 3 (MML)
$5 New Pesos Raised Denomination

It is worth mentioning that there have been rumors within the Mexican numismatic community that there exists another version of the Variety 2 with MMR. No one has ever come forward in person or online with proof pictures of said coin. This conjecture appears to be driven by an image published by the Banco de México in a Numismatic Products Catalogue on page 47. Until the Banco de México publishes an official table recognizing it as a line item with its mintage or a collector comes forward with proof images or video, it is safe to assume such a coin does not exist.
The 1992 100 Old Pesos variety has an established mintage of 4,000 by all secondary sources. The Banco de México has published numbers on the proof restrikes but unfortunately, they bundled 1992 and 1993 on the same line item making no distinction between the 1992 100 Old Pesos variety and the remaining three varieties released with a 1993 date and the $5 "new" pesos denomination. However, we do know that after the 1992 dated Pre-Columbians were issued, it was discovered that the denomination in "old" pesos was illegal due to the coinage reform of 1992. It is safe to assume that the well-known 4,000 mintage number is fixed for the 1992 variant. Therefore, the years 2000-2011 bundled restrike mintage of 1,800 published on Banco de México’s site is only relevant for the remaining Varieties 1 – 3.

Variety Unconfirmed (MMR)
$5 New Pesos Incused Denomination
Catalogue Proof

Allocating this 1,800 figure amongst the three varieties is one of the more cumbersome conjectures to be made in the entire Pre-Columbian series. There is no full alignment between the Standard Catalog of World Coins and the Whitman Encyclopedia of Mexican Money except for the Variety 1, in which both sources agree on a 500 mintage. There are two methods by which I estimate the mintages for the remaining varieties. The first method is via the Numista Frequency statistics. Frequencies show the percentage of Numista users who own each variety among all the users who own this coin. For Varieties 1 through 3, these frequencies are 27%, 27%, and 40% respectively. Normalizing these frequencies results in mintage weightings of 28.7%, 28.7%, and 42.6% respectively. Method 2 is anecdotal and simply serves as a validation exercise for Method 1. As mentioned earlier, this coin is my favorite in the series. Given their scarcity, I own a relatively considerable amount of 1993 date $5 “new” pesos proof varieties. I am also acquainted with the largest collector of Brasero Efigies in Mexico. Moreover, my friend Felix Kirzhner also has a small collection of these as well. Our combined quantities for Varieties 1 through 3 are 20, 20, 30 respectively. This specific sample results in mintage weightings of 28.6%, 28.6%, and 42.9%. These figures reinforce the former Numista statistics. As a well-regarded online platform, I will use their normalized mintage frequencies to approximate the original strikes and restrikes of the Brasero Variety 1-3 proofs. (Please keep in mind that the Numista frequency data can change over time, and thus these weights are not permanently established, but they allow for an educated approximation of the coins’ mintages)

We can safely apply the agreed upon 500 mintage for Variety 1 from the Standard Catalog of World Coins and the Whitman Encyclopedia of Mexican Money. However, in contradiction to the BU varieties, in order for the Variety ratios to work themselves through in the mintage calculations, we have to assume there was only one die (Variety 1) for the original mintage. The restrikes then introduce Varieties 2 and 3. We can reason that the 1,800 restrike mintage can be parsed accordingly to render a close approximation to the Numista ratios just discussed. Deconstructing the 1,800 restrikes by way of 200, 700, and 900 for each variety results then into total mintage figures of 700, 700, and 900 respectively. The resulting ratios for these estimates are then 30.4%, 30.4%, and 39.1%, all of which are within very close range of the Numista ratios.

Compiling these figures with the Melted Factor assumption mentioned earlier, results in the following mintage table for the Proof Brasero Efigie varieties: 

Guerrero Aguila

The next coin in the Aztec series of the Precolumbian 1oz silver is the Guerrero Aguila. Eagle-warriors were the elites in the Aztec army. An eagle helmet was part of the uniform, and indicated the warriors' devotion to Huitzilopochtli, the god of war and of the sun, the hero-warrior, and the special guardian of Tenochtitlán. The Guerrero Aguila (Eagle Warrior) coin design is based on a terracotta sculpture in the Museum of the Great Temple at Tenochtitlan. The coin's ornamental border is composed of repeated symbols resembling the Aztec glyph for "flint" or "knife," as depicted on the Stone of Moctezuma I, also called the cuaubxicalli ("sacrificial stone") of Moctezuma Ihuicamina. The 1-ounce silver Guerrero Aguila design was first issued in 1992, denominated 100 pesos, both in BU and Proof only. In fact, this is the only 1oz silver coin in the entire series to be issued BU in the old 100 pesos. This original 100 peso denomination was demonetized by the Coinage Reform of 1992. In 1993, the design was reissued in the new 5 pesos denomination in both Brilliant Uncirculated and Proof. Unlike the Brasero Efigie, both formats that year were struck in single varieties.

Guerrero Aguila – Brilliant Uncirculated (BU) Variety Overview

The 1992 and 1993 coins have as reverse a Guerrero Aguila filling the left and center portions of the field, with the mintmark to the left (MML) and the year to right. GUERRERO AGUILA is displayed on the exergue below. Surrounding the field is a border of Aztec glyphs for “knife” with the $100 or $5 below depending on the year.

$100 Old Pesos (MML) Incused Denomination

$5 New Pesos (MML) Raised Denomination

The mintage on the 1992 BU release was 205,000 by all secondary sources. There were 2,000 - 2,800 original strikes for the 1993 variety, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 2,800 mintage as I have found these easier to find than the Brasero Efigie counterpart.. With the additional strikes in subsequent years, the grand total combined is 211,100. If we assume the 1992 releases were not to be minted again due to monetary reform law, then the total mintage is fixed at 205,000 for the 1992 variety and 5,300 for the 1993 variety. Applying the melted factor discussed earlier of 35-50%, leaves us with an estimated survival mintage of 102,500-133,250 for the 1992 release and 3,050-3,965 for the 1993 release.

1oz Silver MS Pre-Columbian Series - Guerrero Aguila
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1992 100 Pesos 205,000 0 205,000 102,500 133,250
1993 5 Pesos 2,800 3,300 6,100 3,050 3,965

Guerrero Aguila – Proof Variety Overview

There are two varieties of the 1oz Guerrero Aguila Proofs. The first variety was released with a 1992 date and the $100 "old" pesos denomination, specifically with the mintmark to the left (MML) and date to the right. This proof has a frosted border area on both sides, with incused and mirrored denomination on the reverse as well as an incused and mirrored legend 1 ONZA DE PLATA and LEY 0.999 below it on the obverse. The inner field areas are mirrored on both sides. The second variety shares the same coin elements as its Brilliant Uncirculated counterpart but is further distinguished by a mirrored inner field and border area on both sides with a raised and frosted denomination on the reverse as well as a raised and frosted legend on the obverse.

$100 Old Pesos (MML) Incused Denomination

$5 New Pesos (MML) Raised Denomination

The original mintage on the 1992 release was 4,000. There were 1,000 - 2,300 original strikes for the 1993 variety, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 2,300 mintage as I have found these easier to find than the Brasero Efigie counterpart. The grand total combined with subsequent restrikes is 11,200. Assuming the 1992 releases were never to be minted again due to monetary reform law, then the total mintage is fixed at 4,000 for the 1992 variety and thus 7,200 for the 1993 variety. Applying the Melted Factor discussed earlier of 35-50%, leaves us with an estimated surviving mintage of 2,000-2,600 for the 1992 release and 3,600-4,680 for the 1993 release.

1oz Silver PF Pre-Columbian Series - Guerrero Aguila
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1992 100 Pesos 4,000 0 4,000 2,000 2,300
1993 5 Pesos 2,300 2,600 7,200 3,600 4,680

Xochipilli

Xochipilli, the god of flowers, symbolized the renovation of society and nature, and his body was tattooed all over with floral designs. The Aztecs performed intricate rites to dedicate their gardens to him. They even fought guerras floridas (flower wars) between neighboring rival communities that helped them obtain victims to sacrifice to Xochipilli. The sculpture on which the God of Flowers coin design is based is part of the collection of the Museo Nacional de Antropologia in Mexico City. The symbol repeated in the border is one of two simplified Aztec glyphs for "crocodile," as depicted on the Stone of Moctezuma I. The 1-ounce silver Xochipilli design was first issued in 1992, denominated 100 pesos, in Proof only. In 1993, the design was reissued in the new 5 pesos denomination in both Brilliant Uncirculated and Proof. With the exception of Brasero Efigie, all other designs in the Aztec collection were struck in single varieties both for BU and Proof in 1993.

Xochipilli – Brilliant Uncirculated (BU) Variety Overview

The standalone 1993 Brilliant Uncirculated variety has a reverse with a sculpture of Xochipilli at the center of the field, with the mintmark to the right (MMR) and the year to left. XOCHIPILLI is displayed on the exergue below. Surrounding the field is a border of Aztec glyphs for “crocodile” with the
$5 below.

There were 2,000 – 3,511 original strikes for the 1993 variety, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 3,511 mintage as I have found these easier to find than the Brasero Efigie counterpart. Including the restrikes from the early 2000s, the total published mintage is 6,811. To determine the estimated surviving mintage present today utilizing the 35%-50% melt rate estimates renders a mintage of 3,406- 4,427.

$5 New Pesos Raised Denomination

1oz Silver MS Pre-Columbian Series - Xochipilli
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1993 5 Pesos 3,511 3,300 6,811 3,406 4,427

Xochipilli – Proof Variety Overview

There are two varieties of the 1oz Xochipilli Proofs. The first variety was released with a 1992 date and the $100 "old" pesos denomination, specifically with the mintmark to the right (MMR) and date to the left. This proof has a frosted border area on both sides, with incused and mirrored denomination on the reverse as well as an incused and mirrored legend 1 ONZA DE PLATA and LEY 0.999 below it on the obverse. The inner field areas are mirrored on both sides.

The second variety shares the same coin elements as its Brilliant Uncirculated counterpart but is further distinguished by a mirrored inner field and border area on both sides with a raised and frosted denomination on the reverse as well as a raised and frosted legend on the obverse.

$100 Old Pesos (MMR) Incused Denomination

$5 New Pesos (MMR) Raised Denomination

The 1992 1oz silver version had a 4,000 mintage. The 1993 had an original 800-1,900 mintage, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 1,900 mintage as I have found these easier to find than the Brasero Efigie counterpart. Including the restrikes from the early 2000s, the total published mintage for both varieties combined is 8,500. Assuming the 1992 "old" 100 pesos coins were no longer authorized for striking, we maintain a flat 4,000 mintage on that one while the 1993 had a total mintage of 4,500. To determine the estimated surviving mintage present today utilizing the 30%-50% melted factor renders a mintage of 2,000-2,600 for the 1992 and 2,250-2,925 for the 1993.

1oz Silver PF Pre-Columbian Series - Xochipilli
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1992 100 Pesos 4,000 0 4,000 2,000 2,600
1993 5 Pesos 1,900 2,600 4,500 2,250 2.925

Huehueteotl

The Cult of Fire was among the oldest in Mesoamerica. Its god, Huehuetéotl, was also known as the protector of the earth, the old deity, and the old god of fire. The Huehueteotl sculpture depicted on the reverse of the coins, held in the Museum of the Great Temple at Tenochtitlan, represents the association between the gods of fire and the gods of water, who together governed the center of the universe and maintained the balance of the cosmos. The repeated symbol in the coin's border is the Aztec glyph for "bundle (of kindling)", as depicted on the Stone of Moctezuma I. The 1-ounce silver Huehueteotl design was first issued in 1992, denominated 100 pesos, in Proof only. In 1993, the design was reissued in the new 5 pesos denomination in both Brilliant Uncirculated and Proof.

Huehueteotl – Brilliant Uncirculated (BU) Variety Overview

The standalone 1993 Brilliant Uncirculated variety has a reverse with a sculpture of Huehueteotl at the center of the field, with the mintmark to the right (MMR) and the year to left. HUEHUETEOTL is displayed on the exergue below. Surrounding the field is a border of Aztec glyphs for “bundle” with the $5 below.

This 1993 coin had an original mintage of 5,000-5,405 original strikes for the 1993 variety, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 5,405 mintage as I have found these easier to find than the Brasero Efigie counterpart. Including the restrikes from the early 2000s, the total published mintage is 11,405. To determine the estimated surviving mintage present today utilizing the 35%-50% melted factor results in an estimated mintage of 5,703-7,413.

$5 New Pesos (MMR) Raised Denomination

1oz Silver MS Pre-Columbian Series - Huehueteotl
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1993 5 Pesos 5,405 6,000 11,405 5,703 7,413

Huehueteotl – Proof Variety Overview

There are also two varieties of the 1oz Huehueteotl Proofs. The first variety was released with a 1992 date and the $100 "old" pesos denomination, specifically with the mintmark to the right (MMR) and date to the left. This proof has a frosted border area on both sides, with incused and mirrored denomination on the reverse as well as an incused and mirrored legend 1 ONZA DE PLATA and LEY 0.999 below it on the obverse. The inner field areas are mirrored on both sides.

The second variety shares the same coin elements as its Brilliant Uncirculated counterpart but is further distinguished by a mirrored inner field and border area on both sides with a raised and frosted denomination on the reverse as well as a raised and frosted legend on the obverse.

$100 Old Pesos (MMR) Incused Denomination

$5 New Pesos Raised Denomination

The 1992 1oz silver version had 4,000 mintage. The 1993 had an original 800-1,900 mintage, the former figure from the Standard Catalog of World Coins and the latter from the Whitman Encyclopedia of Mexican Money. We will apply the more liberal 1,900 mintage as I have found these easier to find than the Brasero Efigie counterpart. Including the restrikes from the early 2000s, the total published mintage for both varieties combined is 8,500. Assuming 1992 "old" 100 pesos coins were no longer authorized for striking, we maintain a flat 4,000 mintage on that one while the 1993 had a total mintage of 4,500. To determine the estimated surviving mintage present today utilizing the 30%-50% melted factor gives us a mintage of 2,000-2,600 for the 1992 and 2,250-2,925 for the 1993.

1oz Silver PF Pre-Columbian Series - Huehueteotl
Original Mintage Restrikes Total Including Restrikes Estimated Minimum Surviving Estimated Maximum Surviving
1992 100 Pesos 4,000 0 4,000 2,000 2,600
1993 5 Pesos 1,900 2,600 4,500 2,250 2.925

Summary

This completes my first article on the Pre-Columbian series for 1 ounce silver coins. It was my intention to provide clarity into the multiple varieties and the ambiguity surrounding mintages for this collection by curating a series of charts that will serve as a more realistic reflection of the available quantities in the market. This by no means is an authoritative guide but does address the deficiencies not addressed in the references discussed. Subsequent articles will feature the remaining five collections honoring the other Pre-Columbian civilizations: Central Veracruz, Maya, Olmec, Teotihuacan, and Toltec.

Lastly, these coins look quite flashy and lustrous if found in very high grade condition. Unfortunately, most of the coins are not easily found in that condition today, therefore they can be quite scarce and expensive when found. Key coins like the Brasero Efigie have seen BU varieties go from sub $100 a couple of years ago to greater than $500 today. If you do see one in high grade, I suggest you buy it as it should make for a nice addition to your collection. It is my hope that all the information and details outlined in this article, as well as the charts will be helpful to not only collectors of this series, but also any new collectors who have yet to get involved with this series.

To finish, I would like to recognize Felix Kirzhner for motivating me to start collecting these coins and for recommendations on various considerations related to the ambiguities discussed in this article. I would also like to acknowledge and recognize Scott Doll whose encouragement inspired me to begin writing this series. I would also like to thank him for sharing the coin images shown in this article. I would also like to acknowledge Doug Plasencia at Numismatic Guaranty Company (NGC) for his work on the set of NGC PhotoVision high resolution coin images used in this article that were shared by Scott.

Please send your comments, questions, or suggestions regarding this article, to me at This email address is being protected from spambots. You need JavaScript enabled to view it. or Instagram @tiddy_hunter.