8 Escudos Iturbide 1822: Mexico's First Gold Coin

If you inherited an 1822 gold coin with a man's bust facing right and the word AUGUSTINUS on it, you may be holding one of the most sought-after coins in Mexican numismatics. The 8 escudos of Agustín de Iturbide sells for roughly 3,000 USD in circulated grades and over 25,000 USD in near-mint condition at international auction. Here is exactly what it is and what yours is worth in 2026.

What this coin actually is

The 8 escudos of 1822 is the first gold coin struck by independent Mexico. An "escudo" was the Spanish and early Mexican gold unit; 8 escudos was the largest denomination, similar in role to a modern bullion piece. It came out of the Mexico City Mint (mint mark Mo) during the short-lived First Mexican Empire under Agustín de Iturbide, who was crowned emperor on June 21, 1822 and forced to abdicate in March 1823.

Less than a year of rule, and only one gold denomination was issued. That scarcity is the main reason this piece commands the prices it does. Numista rates its rarity at 93 out of 100.

How to identify it

• Obverse (front): the bust of Iturbide facing right, with the legend AUGUSTINUS DEI PROVIDENTIA, the Mo mint mark, and the year 1822.
• Reverse (back): the coat of arms of the First Empire, a crowned eagle standing on a nopal cactus with arrow quivers, and the legend CONSTITUT 8 S J M MEX I IMPERATOR. Engraved by José María Torreblanca.
• Specs: gold of .875 fineness, weight about 26.96 g, diameter 36 mm, with a diagonal reeded edge.

The variant that matters

There are two obverse legend types, and both are collectible:

• AUGUSTINUS (KM 313.1): the correct spelling.
• AUGSTINUS (KM 313.2): a die error with the letter U missing.

Identify which one you have before getting it appraised, because the variant affects the valuation.

What it's worth in 2026

Start with the floor. At .875 fineness and 26.96 g, the coin contains roughly 23.6 g of fine gold, about 0.76 troy ounces. That metal content is the absolute minimum value, and it moves with the gold price. But for this coin the numismatic value sits far above melt.

Certified examples at international auctions (Heritage, Stack's Bowers) have sold across a wide range depending on grade:

Condition drives almost everything here. The same coin can be worth 3,000 USD worn and more than eight times that in mint state, which is why professional grading matters so much for this piece.

How to tell if yours is genuine

Because of the high gold value, counterfeits and modern replicas exist. Check these first:

• Weight: close to 26.96 g. A scale that reads to 0.01 g helps.
• Diameter: 36 mm.
• Edge: diagonal reeding, not plain and not vertical.
• Legends: the exact obverse and reverse wording above, spelled correctly for KM 313.1 or with the missing U for KM 313.2.

For a coin at this value level, do not rely on home tests alone. Have it certified by NGC or PCGS, the two grading services the auction market trusts. Genuine auction examples of this coin almost always come already encapsulated (slabbed) by one of these services, and a slab makes selling far easier.

Where to sell it

This is a high-value gold rarity, so it moves mainly through international auction houses and gold-coin specialists, not general coin shops. Get it graded first, then approach a house like Heritage or Stack's Bowers that regularly handles Mexican gold. If you are in Mexico or want a local appraisal, start with the Pesoteca store directory to find dealers who handle pieces at this level.

While you research, it helps to understand the full colonial and imperial escudos series this coin belongs to, and to compare it against later Mexican gold coins so you can place its value in context.

Have an 1822 8 escudos and not sure which variant it is, or what grade it might make? Post clear photos of both sides on the Pesoteca forum and our community can help you narrow it down before you spend money on grading.

Eight escudos of Agustin de Iturbide, 1822, Mexico mint, assayer JM, Krause KM#313.1. An ounce coin in the name of the first emperor of Mexico. In 1822 Iturbide was proclaimed emperor on May 19 and crowned on July 21 in the metropolitan cathedral. The piece corresponds to the opening year of the First Empire, between the coronation and the first political crises. The assayer's JM signature appears in the field. The ounce coin weighs 27.06 grams with the 0.875 fineness typical of post-pillar gold. Krause KM#313.1 documents the first Iturbide bust type, distinguished from KM#314 by legend or die variants. The obverse shows the portrait of Iturbide as emperor with the laureate bust, a type derived from the official portrait prepared by engraver Jose Guadalupe Cabral. The reverse shows the national crowned eagle, the first time in Mexican numismatic history. Pieces from 1822 are inaugural to the independent Mexican catalog.