Anyone know much about Spanish Milled Dollars (8 Reales)?

shllyshny

Hey all-

Your input will help me decide whether or not I really need to purchase this coin. It's a 1776 Spanish 8 reales, the currency that colonial paper money was backed by. That's all I know, other than it seems to be in AU55-MS60. I don't normally collect foreign coinage, but this caught my eye...

Much appreciated,
Max

Placid

You don't need to purchase any coin.
If you like it and can afford it then buy it, that's what I do.

Gemini

These are often sold as "The first Silver Dollars of the United States" which we know not to be true.
They were like the worlds trade dollar at the time and I think they were legal tender up to around the Civil War.
Like other coins watch out heavily cleaned coins and also possible counterfeits.
The higher condition pieces are somewhat scarcer and the lower grade pieces can be found with little trouble.
Make sure the dealer you buy from is reputable.

ccr

Here`s a site with some history behind it Link. I not very knowlegible about these coins myself and I don`t know about the going price for these coins either. So use the price guide as you see fit.

shirohniichan

Check the Krause Standard Catalog of World Coins of the 18th Century to see the mintmark. They were made in many of the Spanish colonies, and prices vary greatly. Lots of counterfeits exist, so be careful. Does it have the bust of Carolus III or the pillars and globe on it?

coinnerd

This is a Pillar Dollar. The ones with the king on the obverse are not. even tho many advertise them as pillars. The portrait type is still a Spanish Milled Dollar and 1776 is a nice year. Common XF portraits book at around $100, but the prices have been going up. Pillars in XF are going for around $270 to $300.
Several colonial notes have pictures of the pillar dollar on them. It really makes a nice display to have a colonial $40 note with a pillar on it and the actual coin next to it.

DoubleDime

I have 3 that came from my grandfather.

shllyshny

Thanks for all the information. I learned some things today. The coin I am considering buying is not a Pillar dollar (has bust of Carolus III) but seems to be in outstanding condition. Knowing me I will pay too much for it, but in this case I am looking to own the coin for the historical rather than the investment value. Thanks again for the help!

Max

dorkkarl

i have several as well. XF and above, grade more by luster & surface quality than be detail. you can get them as cheap as 50 bucks in XF for the "common" dates, but i have seen some better dates at well over $500. the amazing thing is that there are a lot of UNC examples around, and they really aren't all that expensive.

K S