256, Lot: 827. Estimate $300. Sold for $280. This amount does not include the buyer’s fee.

SPAIN, Reino de España. Alfonso XII. 1874-1885. Gilt Platinum 25 Pesetas (24mm, 7.65 g, 6h). Contemporary counterfeit, copying a Madrid mint issue dated 1878 DEM (1879 in stars). Head right / Crowned and robed coat-of-arms. Cf. ME 17526. Good VF.

During the late 1870’s, a number of platinum counterfeits of English, French, and Spanish coins were illicitly struck in Spain. The most well-known of this counterfeit series are the platinum counterfeits of English sovereigns, with examples dated between 1861 and 1872. Little is known regarding the precise source of these pieces.
To the modern collector, platinum may seem like an odd choice for a counterfeiter. The metal is denser than gold, but by alloying platinum with an appropriate amount of copper, could be brought to the correct density. Once struck, the “coin” would then be gold plated, making it an extremely effective counterfeit. The practice is thought to have ceased when the price of platinum exceeded that of gold, thereby making continued counterfeiting unprofitable. For more on these platinum issues, see G.P. Dyer, "Counterfeit Sovereigns in Platinum," Bulletin on Counterfeits, Vol. 4, No. 2/3 (Summer/Autumn 1979), pp. 30-5.