1828 Costa Rica 8 Escudos
A golden sun with a human face blazes above five volcanoes. On the reverse, a mighty tree rises between the coin’s denomination. Together, these symbols announced a new political order in Central America.
Now, one of the finest surviving examples of this historic design will cross the auction block.
Stack’s Bowers Galleries will offer an 1828-CR F Costa Rica 8 Escudos in its Summer 2026 Global Showcase Auction. NGC graded the coin MS-63+. The auction house estimates its value at $200,000 to $300,000.
The coin appears as Lot 40168 in Session A, which covers Portugal, Spain, and Latin America. Stack’s Bowers will hold the session on August 31, 2026, at 9 a.m. PDT at its Griffin Studios in Costa Mesa, California.
A Gold Coin Born From Revolution
The 1828 Costa Rica 8 Escudos tells a much larger story than its date suggests.
Central America broke from Spanish rule in 1821. Then, in 1823, Costa Rica joined Guatemala, El Salvador, Honduras, and Nicaragua in the United Provinces of Central America. The union later became known as the Federal Republic of Central America.
However, the federation struggled with civil war and intense political divisions. It began to collapse between 1838 and 1840. Therefore, its coins survive as tangible records of a bold but short-lived political experiment.
The new republic also wanted money that rejected Spain’s royal imagery. Consequently, a March 19, 1824 coinage law prohibited symbols associated with the Spanish monarchy. It replaced royal portraits and coats of arms with distinctly republican designs.
Gold coins carried a fully risen sun above five volcanoes. Those peaks visually echoed the five states of the federation. Meanwhile, the reverse displayed a tree and the motto LIBRE CRESCA FECUNDO, commonly translated as “May it grow free and fruitful.”
These designs did more than decorate the coin. Instead, they presented a political manifesto in gold.
Costa Rica’s First Federal 8 Escudos
The San José Mint struck the 1828 issue as Costa Rica’s inaugural 8 Escudos, or onza, under the Central American Republic.
The denomination represented the largest regular gold coin in the federal monetary system. At 27 grams and 35 millimeters, it offered the size and visual impact that collectors associate with the great Latin American gold ounces.
The mint struck only 5,302 examples dated 1828. Costa Rica later produced the type in 1833 and 1837. Therefore, the 1828 issue stands as the first date of a brief and challenging series.
The letters beneath the tree also reveal important details.
The CR identifies the Costa Rica Mint at San José. Meanwhile, the F identifies assayer Félix Mora. Historical records show that Mora trained in Guatemala before working with Costa Rica’s early federal coinage.
The inscription 21 Qs identifies a fineness of 21 karats. That standard equals .875 fine gold, which matches the published specifications for the type.
A Remarkable Strike for the Issue
Surviving 1828 Costa Rica 8 Escudos coins often show weak or uneven strikes. Many also entered circulation. Others later suffered cleaning, mounting, edge damage, or other problems.
This coin stands far above those typical survivors.
Stack’s Bowers describes the piece as exceptionally sharp. In particular, the strike brings out strong definition across the radiant sun and surrounding devices. The auction house also notes vibrant, original mint luster and unusually crisp details.
NGC graded the coin MS-63+. That lofty grade places it among the finest known examples of this crucial Costa Rican gold type.
Moreover, the sharp strike carries special importance. The sun’s facial features often lose definition on weaker examples. Here, however, the face, rays, volcanoes, legends, and reverse tree all show exceptional clarity.
As a result, the coin combines rarity, condition, and artistic impact. Few early Costa Rican gold coins can match all three.
A Six-Figure Market for Costa Rican Gold
The market has already demonstrated strong demand for elite examples of this issue.
In August 2025, Heritage Auctions sold an NGC MS-63+ example for $240,000. Heritage identified that coin as a top-population example. Greysheet later reported that the sale established a record for any Costa Rican coin at auction.
That result gives important context to the current $200,000 to $300,000 estimate.
Earlier examples brought much less, although their grades generally fell below the present offering. An NGC MS-63+ example realized $90,000 at Stack’s Bowers in January 2021. Meanwhile, circulated examples have often sold for a fraction of the price commanded by the finest Mint State survivors.
Therefore, condition drives the upper end of this market. The date already carries a low mintage and major historical importance. However, an unusually sharp strike and near-Gem preservation can transform the coin into a trophy-level rarity.
1828 Costa Rica 8 Escudos Specifications
- Issuer: Federal Republic of Central America
COSTA RICA. Central American Republic. 8 Escudos, 1828-CR F. San Jose Mint. NGC MS-63+ - State: Costa Rica
- Denomination: 8 Escudos
- Date: 1828
- Mint: San José Mint
- Mintmark: CR
- Assayer: Félix Mora, identified by “F”
- Composition: Gold
- Fineness: .875 fine, or 21 karats
- Weight: 27 grams
- Diameter: 35 millimeters
- Actual Gold Weight: Approximately 0.7596 troy ounce
- Mintage: 5,302
- Catalog Numbers: Fr-1; KM-17; Onza-1746
- Grade: NGC MS-63+
- Auction: Stack’s Bowers Summer 2026 Global Showcase Auction
- Lot: 40168
- Estimate: $200,000 to $300,000
A Golden Monument to a Lost Republic
The Federal Republic of Central America did not survive. Its political divisions eventually overwhelmed its ambitious vision of unity.
Yet its coinage endured.
The 1828 Costa Rica 8 Escudos captures that brief moment when a new federation rejected kings, royal portraits, and colonial symbols. In their place, it presented a rising sun, five volcanoes, and a tree of liberty.
This particular coin adds another layer to that history. Its unusually sharp strike preserves the design with remarkable force. Its original luster still radiates across the fields. Moreover, its NGC MS-63+ grade places it among the great survivors of early Latin American gold.
For advanced collectors, this coin offers more than rarity. It offers the chance to own a golden monument to a republic that tried to unite Central America nearly two centuries ago.
