In 1499, the Spanish explorer and conquistador Alonso de Ojeda set sail along the Northern coast of South America, landing at Cabo de la Vela marking the discovery of what is now Colombia. This expedition, fueled by tales of untold riches and the promise of new territories, laid the groundwork for Spain’s colonization efforts in the region. The allure of gold and the legend of El Dorado, a mythical golden city said to be overflowing with treasures, captivated the imaginations of explorers and conquerors alike.
When the Spanish began to explore the interior, they encountered the Muisca people, who were indigenous to the Andean plateau. The Spanish discovered that these natives revered gold and performed elaborate rituals involving beautifully crafted golden figurines, goblets, plates, and jewelry, which fueled the quest for El Dorado. Despite years of searching and countless lives lost, the legend of El Dorado proved to be little more than a fairy tale and never resulted in the gold treasure the Spanish hoped for. However, vast amounts of gold were found in the form of alluvial deposits as well as artifacts taken from the indigenous peoples.
The History of Cartagena de Indias
Cartagena was discovered and founded by Pedro de Heredia in 1533. Heredia was a Spanish conquistador who explored the Northern coast of South America and established Cartagena de Indias as a key Spanish port. The city was named after Cartagena, Spain, which is a seaport city originally founded by the Phoenicians in 228 BC. Known as the “Queen of the Indies”, Cartagena de Indias quickly became one of Spain’s richest and most fortified cities in the Americas, serving as a major hub for gold, silver, emeralds, and pearls from Colombia and Venezuela.
In the first half of the 16th century, the amount of gold the conquistadors extracted from the Americas was staggering and ultimately made Spain the richest country in the world. It is estimated that the Spanish extracted over 100 tons of gold from the continent. The quantity increased in the latter half of the 16th century thanks to mining and new sources that were discovered in what became the Viceroyalty of New Granada.
In the latter part of the 16th century, word spread about the incredible wealth of Cartagena and in 1586, the English privateer Sir Francis Drake, also known as “El Draque” (The Dragon) by the Spanish, along with 1,000 English soldiers, sacked the city. Drake made off with about 500,000 Pesos in value, including gold ducats, silver, cannons, church bells, and other treasures. As a result, the Spanish invested vast sums of money to strengthen Cartagena’s defenses, leading to the construction of numerous fortifications spanning almost 200 years.
Strategically located in a sheltered deep-water harbor on the Caribbean coast, Cartagena became a vital hub for trade and commerce, its walled city and fortresses stand as a testament to its colonial significance and the need for defense against pirates, privateers, and rival powers. Cartagena’s natural bay made it an ideal port for Spanish treasure fleets, offering a well-protected anchorage for heavily laden galleons.
During the reign of King Philip IV (1621-1665) Spain was in control of vast areas in the New World including a substantial portion of what is known today as the United States, all of Mexico and Central America, and most of South America (except Brazil, which belonged to Portugal). These territories produced seemingly limitless wealth in the form of gold, silver, copper, precious gems, spices, tobacco, and other commodities, all of which helped Spain become a superpower from the 16th through 18th centuries.
The Creation of The Colombian Mints
As the population grew and wealth increased in the new Kingdom of Granada, it was decided that a regional mint was needed, and King Philip IV had just the man for the job. Alonso Turillo de Yebra was a Spanish military engineer and architect who was also the first royal treasurer of Madrid in 1607. In 1621, King Philip III issued a royal order that authorized Turrillo to create the first Mint or “Casa de Moneda” in the New Kingdom of Granada. Shortly thereafter, Turrillo set out from Spain with various officials and brought with him dies, tools, and instruments to produce silver and gold cob coinage.
In late 1621, Turillo arrived in the new Kingdom of Granada and became the first royal treasurer of the mint located at Santa Fe de Bogotá. He also built a branch mint in Cartagena, which in 1622, created the first gold coins minted in the New World. Soon after, strife and political turmoil arose between the officials at the two mints, which would ultimately force the permanent closure of the Cartagena mint.
In his article “The Cobs of Cartagena 1622-1655”, by Joseph Lasser (published by the American Journal of Numismatics (1989-), Vol. 3/4 (1992), pp. 117-122, Lasser states that “Strong evidence is provided in Juan Friede’s publication of 89 royal, official colonial, and other papers dated 1614-35 relating to the Casa de Moneda of Nuevo Reino prior to its inception and during its early years. Many of these documents comment on the production of coins in Cartagena, order officials to change the metallic composition of the coins minted in that city, or demand the recall of coins made in Cartagena and criticize production by the mint.
Among the most significant is a complaint addressed to Philip IV by the Audiencia of Santa Fe dated June 29, 1629, in which the Audiencia asks the king to “prohibit their striking (in Cartagena) any more gold and silver coinage” and states that the treasurer of the city says “that in Cartagena they exceeded their authority by having made 8, 4 and 2 reales and a large quantity of 2 and 1 escudos.” The protest also notes that high denomination coins should not be struck in Cartagena because “it is not a well-developed mint as it does not have all the functionaries to be watchful of possible fraud nor the usual inspection teams.” A. M. Barriga Villalba summarizes the mint’s production under the first five treasurers of Nuevo Reino and says that the first one, Alonso Turrillo de Yebra, produced silver cobs “en Cartagena” valued at 1,219,559 pesos. He goes on to say that Turrillo’s gold coin production at Cartagena was worth 3,432,504 pesos (214,531.5 escudos) and later says the value of the 1626 coinage was 136,864 pesos (8,554 escudos) and that of 1627 was 2,055,640 pesos (128,477.5 escudos).
Turillo returned to Spain in July of 1622, and the Cartagena mint was inactive until his return in 1625. No 1625 two escudos are known and a single 1626/2 represents the 1626 coinage. Two escudos, and apparently a very few one escudos, were produced annually for nine years (1622, and 1627 through 1635).
Political pressure from officials at Santa Fe succeeded in closing the rival mint at Cartagena for much of 1629 until sometime in 1630 and then permanently in 1635. This leaves roughly eight years of relatively low mintage production.
The Rarity of Cartagena Gold
Cartagena didn’t have its own gold mine, so it stands to reason that the amount of gold at their disposal was likely far less than that of Santa Fe de Bogotá. To say that Colombian 2 escudos minted in Cartagena are rare is an understatement.
According to Lasser and Restrepo’s book “The Cob Coinage of Colombia” (2000), “two escudos with visible dates of 1623, 1624, 1625, 1626, and 1627 are unknown.” (Page 68). Since this book was published, a 1624 and 1627 example were found, which are displayed in “Oro Macuquino” by Tauler (2020) and a 1626 was found and is displayed in “Numismática Española ” by Aureo & Calico (2019).
As of May of 2025, the Numismatic Guaranty Corporation (NGC) has graded a total of 42 Cartagena 2 escudos. Of the total 42 coins graded, NGC has only graded 25 in mint state. Compare this figure with well over 500 Bogotá coins graded during the same period of King Philip IV. This would indicate that Cartagena’s two escudos are roughly ten times rarer than those minted in Bogotá!
Let’s break down the grading census by mintage years for coins graded by NGC. (See https://www.ngccoin.com/population-report/colombia-colonial-1622-1820/88/all/306/2e/7249/all/MS/?page=1 for the current population report) NOTE: Damaged or cleaned coins receiving a “details” grade have not been considered.
YEAR
1622 – (4) coins graded (1) MS-64, (1) MS-61, (1) MS-60 (1) XF-45
1623 – No examples known. (Mint was likely inactive)
1624 – No examples known. (Mint was likely inactive)
1625 – No examples known. (Mint was likely inactive)
1626 – No examples graded to date.
1627 – No examples graded to date.
1628 – (1) graded in AU-58 here: https://www.ngccoin.com/certlookup/3834259-001/58/ and (1) in AU-55 here: https://www.ngccoin.com/certlookup/3154354-010/55/
1629 – No examples graded to date. (Mint was temporarily closed and likely inactive for most of the year)
1630 – (1) MS-62, (1) MS-61, (1) AU-55, (1) XF-40
1630-1635 (Date range with no visible date) Total = 22 coins (2) MS-65, (2) MS-64, (4) MS-63, (5) MS-62, (1) MS-61, (4) AU-58, (3) AU-55, (1) XF-45.
1631 – (1) AU-55, (1) AU-50
1632 – (2) AU-55
1633 – (2) MS-63 , (1) MS-62
1634 – (1) MS-64, (1) MS-63
1635 – (1) MS-64 (The last year the mint was operational and closed by Royal Decree)
Let’s break down the grading census by mintage years for coins graded by the Professional Coin Grading Service (PCGS). See https://www.pcgs.com/pop/detail/colombia/1665/1081?t=5&p=MS&pn=1 for the current population report. NOTE: damaged or cleaned coins receiving a “details” grade have not been considered.
At this writing, PCGS has graded a total of 10 Cartagena 2 escudos. Of the total 10 coins graded, PCGS has only graded 4 in mint state.
YEAR
1622 – (2) coins graded (1) AU-55, (1) AU-50
1623 – No examples known. (Mint was likely inactive)
1624 – No examples known. (Mint was likely inactive)
1625 – No examples known. (Mint was likely inactive)
1626 – No examples graded to date.
1627 – No examples graded to date.
1628 – No examples graded to date.
1629 – No examples graded to date. (Mint was temporarily closed and likely inactive for most of the year)
1630 – No examples graded to date.
1630 – No examples graded to date.
1631 – No examples graded to date.
1632 – (1) MS-62: https://www.pcgs.com/cert/49385693
1632 – 1633 – (Date range with no visible date) Total = 1 coin in XF-45
1633 – (1) XF-45 , (1) VF-35
1633 – 1634 (Date range with no visible date) Total = 1 coin in VF-30
1634 – (1) MS-64, (1) MS-63
1635 – (1) MS-64 (The last year the mint was operational and closed by Royal Decree)
To date, only 29 mint state Cartagena 2 escudos have been certified by both NGC and PCGS combined.
The Unique Characteristics of Cartagena Escudos
- Location of assayers initial, mint mark and denomination:
Differences between Cartagena and Santa Fe de Bogotá two escudos are easily visible to the trained eye. On the obverse or shield side, virtually all Cartagena gold cobs of the 1620s have their denominations to the left of the Habsburg shield and the mint and assayer initials to the right. There are a few examples minted in 1631, 1632, and 1633 that have the assayer’s initial and mint mark on the left and denomination on the right, but these are considered rare. - The absence of the pomegranate, the symbol for Granada:
Another difference is on the shield, where the pomegranate symbol representing Granada is missing from the bottom or center of the Habsburg shield. - Inclusion of dots and small crosses:
On the reverse or cross side, stylized fleur-de-lis ornaments extend from the innermost points of the double tressures (decorative ribbons) surrounding the cross into the fields contained by the outer end-bars of the cross, and there are small dots or crosses in the field above the ends of the vertical and horizontal arms of the cross. The arrangements of the dots and crosses sequentially change each year from 1628 through 1635, and the fleur-de-lis‘s or leaves in the fields of the cross design become larger and more elaborate. - Specific assayers:
Other than the 1622 issue, Cartagena cobs minted between 1630 and 1635 carry a “C” mintmark representing Cartagena and assayer “E” representing who is believed to be Juan de la Era on the shield side. - The castles and lions are properly oriented:
Unlike coins minted at Bogotá, Cartagena gold cobs always display the Arms of Castile and Leon (castles and lions) on the obverse shield in the correct order (Castles in the top left and lower right and lions in the top right and lower left).The reverse design is comprised of a Jerusalem cross enclosed by four double tressures intersected by four fleur-de-lis in the angles of the cross. Each assayer’s cross side designs have distinctive differences, thereby enabling satisfactory attribution of the coins to a specific assayer within a modest time span. A great reference guide to identify these coins is “The Cob Coinage of Colombia” by Joseph Lasser and Jorge Emilio Restrepo. With this book, you can identify with some level of certainty the date of almost any Cartagena escudos even if the coin doesn’t display any numerical date digits. Gold escudos were used for trade throughout the Caribbean and as treasure destined to be sent back to the King of Spain. Finding an example of a Cartagena doubloon in mint state condition is the equivalent of finding the proverbial “needle in a haystack”. Most were clipped, turned into jewelry, lost in shipwrecks, or sent to Spain, where they were melted down and converted into traditional Spanish coins. - Absence of Outer Tressure Rings:
Most, but not all of the dies used to mint the escudos at the Cartagena mint exclude rings at the outer intersections of the tressures on the reverse. Those minted at the Bogota mint typically do as shown in this example to the left. - Legends, fineness, and weight:
The flan or planchet of all Cartagena doubloons is much smaller than the dies used to strike the design. This causes most of the legends to be absent or illegible. All the doubloons minted at the Cartagena mint were made during the reign of King Philip IV (1621-1665). The legend on the shield side is in Latin and should read “PHILIPPVS IIII D. G.”, which is an abbreviation for “PHILIPPVS IIII DEI GRATIA”. The translation in English is “Philip the Fourth by the Grace of God”. Note that four Roman numeral I’s are used instead of a Roman numeral IV for the king’s ordinal. The legend on the cross side reads in Latin “HISPANIARVM·REX”, which, being translated, means: “King of Spain”. After the word “REX” and before the word “HISPANIARVM “ is where a four-digit date is positioned. Each coin was required to be of a gold fineness of .917 (22 carats), and the required weight was to be 6.76 grams
Conclusion:
Any gold doubloon minted at the Cartagena mint is considered rare and highly sought after by collectors. If you are fortunate enough to own one, know that you possess a truly unique piece of Spanish Colonial history.
If you would like to see a beutiful example of a Cartagena gold doubloon, click on this link: https://commodorecoins.com/treasure/rare-1628-35-cartagena-2-escudos-ngc-ms-63/
Article written by Sean Scott & Joshua Scott 5/28/2025
References & Sources:
Pérez Sindreu, Francisco de Paula (May 24, 1995). “Alonso Turrillo de Yebra. Fundador y primer Tesorero de las Casas de Moneda de Cartagena y Santa Fé, en el Nuevo Reino de Granada. Primeras labores (1620-1634)“. Acta numismàtica (25): 143–156 – via dialnet.unirioja.es.
Hernández de Alba, G., Echeverri Correa, H. (1980). Centro cívico de Bogotá. Colombia: Senado de la República, Oficina de Asesores.
Economía colombiana : revista de la Contraloría General de la República. (1977). Colombia: La Contraloría. Page 76
Lasser, Joseph R. (1992). “The Cobs of Cartagena, 1622-1655“. American Journal of Numismatics. 3/4: 117–122. ISSN 1053-8356. JSTOR 43580425.
“The Cartagena de Indias Mint“. eNumismatic. Retrieved 2023-05-24.
“Alonso Turrillo de Yebra | Real Academia de la Historia”. dbe.rah.es. Retrieved 2023-05-23.
Wikipedia Alonso Turrillo de Yerba: https://en.wikipedia.org/wiki/Alonso_Turrillo_de_Yebra
Cartagena MMXXI – the 3rd International Convention of Historians and Numismatists news release.
personajeshistoricosblog (2016-10-13). “Alonso Trujillo de Yebra“. Personajes Históricos de Cartagena de Indias. (in Spanish). Retrieved 2023-05-24.
Spell, J. R.; y Vergara, Jose Maria Vergara; Restrepo, Antonio Gomez; Munoz, Gustavo Otero (November 1959). “Historia de la literatura en Nueva Granada. Desde la conquista hasta la independencia. (1538-1820)”. The Hispanic American Historical Review. 39 (4): 650. doi:10.2307/2510387. ISSN 0018-2168. JSTOR 2510387.
“The Museum – Military Museum of Colombia“.
“Offices, ranks and kinship. Workers at the Santafé Mint 1620-1816“.
World History Encyclopedia “The Gold of the Conquistadores” by Mark Cartwright: https://www.worldhistory.org/article/2045/the-gold-of-the-conquistadors/
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