Puerto Rico, BARCELONETA, Balseiro & Georgetti, bronze Half-Centavo, c. 1890, initials above five-spoked wheel, rev. value, 20mm, 2.65g/12h (Rulau –; Haffner –). Minor spotting on reverse, otherwise very fine and patinated, probably fewer than 12 specimens known £100-200

This piece, and its companions with values for one centavo and quarter-centavo, have traditionally been attributed to the German-Jewish firm of Breisch & Co, from Württemberg, who established a base in Jaffa, Palestine, in 1884, where it had been presumed that these pieces were valued at a quarter, a half and one piastre. However, the late Edward Roehrs and others have reported that the tokens have nothing to do with Palestine and were in fact issues that should be attributed to Balseiro y Georgetti, an industrial agricultural concern formerly known as Florida Agricola, acquired by the sugar baron Eduardo Georgetti (1866-1937) and his father-in-law, Rafael Balseiro (1833-1902), sometime shortly after 1888. Georgetti’s sugar refineries, at Central Plazuela in the town of Barceloneta, had their own dock at which barges were loaded to transport sugar to waiting ships moored in the bay and specimens of these B & G tokens are reported to have been found in Puerto Rico over the past 40 years. Sold with a copy of a relating article on the issue by Ovidio Dávila and paperwork relating to another example (‘Lake Pearl’ Collection, Heritage Auction (Long Beach), 9-10 September 2004, lot 14335)