Libertad: A Mexican investment coin with a long history
Summary
- The Libertad is a Mexican investment coin with no fixed face value, mainly produced in gold and silver versions
- In 1991, the fineness of the gold Libertad, which was first minted in 1981, rose from 90% to 99.9%
- The silver Libertad, which came onto the market in 1982, had a fineness of 999/1000 and is considered the oldest silver investment coin
- Libertad coins show Victoria the goddess of victory on the obverse and the Mexican national coat of arms on the reverse, although the actual design has been changed several times
- The Libertad is a bullion coin which enjoys virtually worldwide recognition
- Nevertheless, it is overshadowed by other investment coins and rarely collected, perhaps especially because the gold coin version is only minted in relatively small editions
Anyone with a certain background knowledge of coins and bars will probably be aware that precious metal coins have a long history in Mexico. One example of this is the Mexican gold peso, also known as the centenario, which was very popular in the first half of the 20th century. The Libertad coin (Libertad translating as ‘freedom’ or ‘liberty’) was intended to replace the Mexican peso several decades ago. The Libertad bullion coin, available in gold and silver, has some obvious parallels with \south Africa’s Krugerrand – the most popular investment coin in the world. However, there are also some clear differences.
History and special features of the Mexican Libertad
La Casa de Moneda de Mexico, the oldest mint in the Americas, has been producing Libertad gold coins since 1981. This makes the Libertad the third oldest modern investment coin after the South African Krugerrand and the Canadian Maple Leaf. The term Onza (literally ‘one ounce’) is another common name for this coin. Just one year on, the Libertad again appeared on the market as a silver coin, making this issue the oldest silver bullion coin.
Libertad coins have been officially recognised as legal tender and accepted as currency in Mexico ever since they were first introduced. However, unlike most investment coins, they have no fixed face value. Although this is quite unusual in the gold coin sector, other coins like the South African Krugerrand, for example, are treated similarly. The silver Libertad, on the other hand, is the only common silver bullion coin that has no fixed face value. In 1989, La Casa de Moneda de Mexico also minted a one-off platinum version of the Libertad, though only a very small number of these coins were ever actually minted.
Libertad: fineness and denominations
The Libertad has undergone a number of changes over time, so there is a choice of several variants.
Libertad (first series) in gold (produced until 1990):
| Fine weight in ounces | Diameter in mm | Weight in g | Minted from |
|---|---|---|---|
|
1⁄4 |
23 |
8,64 |
1981 |
|
1⁄2 |
29 |
17,28 |
1981 |
|
1 |
34 |
34,56 |
1981 |
The gold Libertad was thus launched in just three different denominations. However, the gold fineness was only 90%, with silver used to form the rest of the coin. La Casa de Moneda de Mexico probably wanted to continue the gold peso tradition, because this coin also had a fineness of just 900/1000. The Libertad coins were almost exclusively issued in a brilliant uncirculated version, with only a few proof coins available in a collector’s version.
Libertad (second and third series) in gold:
| Fine weight in ounces | Diameter in mm | Weight in g | Minted from |
|---|---|---|---|
|
1⁄20 |
13 |
1,56 |
1991 |
|
1⁄10 |
16 |
3,11 |
1991 |
|
1⁄4 |
23 |
7,78 |
1991 |
|
1⁄2 |
29 |
15,53 |
1991 |
|
1 |
34,50 |
31,10 |
1981 |
With these Libertads, the Mexican mint expanded the choice of available denominations downwards, as compared to the first series. The aim was to attract more potential buyers with a more-affordable version. At the same time, the coin’s gold content rose to 99.9% and the number of coins minted in the proof version was also increased.
Silver Libertad coins were produced in four series. However, unlike gold coins, the fineness here remained consistent at 999/1000.
Libertad (first and second series) in silver (produced until 1995):
| Fine weight in ounces | Diameter in mm | Weight in g | Minted from |
|---|---|---|---|
|
1⁄20 |
16 |
1,56 |
1991 |
|
1⁄10 |
20 |
3,11 |
1991 |
|
1⁄4 |
25 |
7,78 |
1991 |
|
1⁄2 |
30 |
15,53 |
1991 |
|
1 |
36 |
31,10 |
1981 |
For almost a decade, this Mexican silver coin was only available in a weight of one ounce, and to this day, this variant is by far the most popular. In addition to the brilliant uncirculated quality version, a smaller number of coins are also available in a proof variant.
Libertad (third and fourth series) in silver:
| Feingewicht in Unzen | Diameter in mm | Weight in g | Minted from |
|---|---|---|---|
|
1⁄20 |
16 |
1,56 |
1996 |
|
1⁄10 |
20 |
3,11 |
1996 |
|
1⁄4 |
27 |
7,78 |
1996 |
|
1⁄2 |
33 |
15,53 |
1996 |
|
1 |
40 |
31,10 |
1996 |
|
2 |
48 |
62,21 |
1996 |
|
5 |
65 |
155,52 |
1996 |
|
1 kg |
110 |
1.000 |
2002 |
Unlike their treatment of the gold Libertad, La Casa de Moneda de Mexico chose not to expand the range of denominations downwards, but upwards instead. The 1-kilogram coin is available in a proof-like quality.
The design of the Libertad coin
The front of the coin depicts Victoria, the goddess of victory. This design is based on the “El Ángel de la Independencia” monument displayed in Mexico City, the nation’s capital. The iconic volcanoes Iztaccíhuatl and Popocatépetl can be seen in the background. The coin also bears details of the year of minting, weight and fineness on the obverse face. The back of the Libertad is decorated with Mexico’s national coat of arms. A Spanish inscription with the words “ESTADOS UNIDOS MEXICANOS” is also embossed here. This phrase could be translated as “UNITED MEXICAN STATES”.
The front and back faces of this Mexican bullion investment coin have been revised several times since the first issue. The same applies to the edge of the coin, which was originally smooth and bore the inscription “INDEPENDENCIA Y LIBERTAD” – “INDEPENDENCE AND LIBERTY”. However, the coin edge is now reeded and no longer bears an inscription. In addition, since the year 2000, Libertad coins weighing at least one ounce have had the national coat of arms framed on the reverse by ten other historical variants of this coat of arms symbol.
Libertad: the market profile of this Mexican investment coin
The Libertad is a bullion coin accepted practically all over the world which is especially common in Central and South America. However, in global terms, this Mexican coin tends to be overshadowed by more popular alternatives like the Krugerrand, Maple Leaf or Vienna Philharmonic. This is generally because the premium on its pure precious metal value is mostly lower. For example, the mintage of the gold coin in particular has remained relatively low, in many years not even reaching that of the gold peso it was actually intended to replace.
By comparison, the silver Libertad mintage is significantly higher. So far, however, the Mexican Libertad coin has not been particularly popular with collectors. However, some are now showing interest in Libertad coins with minting errors – such as the “Double Dies” with offset minting dating from the 1980s. Here, and in years with markedly small issues, future increases in value can never be ruled out.
Due to the Libertad’s many design changes, amateurs would find it very hard to determine the authenticity of any coin with certainty. We therefore recommend only purchasing Libertad coins from trustworthy coin dealers such as Echtgeld AG. This particular purchase option has further benefits for potential buyers because of the long-standing collaboration between the precious metal dealer Echtgeld and the storage specialist Swiss Gold Safe. For example, this trading company will be happy to deliver purchased coins direct to a Swiss Gold Safe warehouse at the customer’s request.
