British India, Silver Rupee 1880 with Mozambique PM Countermark (RARE)

British India, Silver Rupee 1880 with Mozambique PM Countermark (RARE)

The provincial government in Mozambique decreed on 19 January 1889 that Austrian Thalers in circulation in Mozambique could be counter stamped PM (Provincia Mozambique) by the authorities to pass as local Portuguese currency. Residents were given 20 days from the original posting to bring their coins to the department of the treasury to be inspected and stamped.

It was later decided to expand the decree to also include other coins (e.g. Indian Rupees) as host coins for the counter stamps. The original stamps Crowned PM got broken and they did not have the dies to stamp the crown. Since it was urgent, the local government decides to make new stamps with only the letters PM.

These countermarked coins are scarce and an AU53 example (Indian Rupee) was sold by Stacks & Bowers for $1560.00 (almost R30 000).