1789 8 reals, again

zeek · March 27, 2008 1:56AM

For the last year I've been trying to find out what this Mexican 8 reals coin is worth. I am sorry, I do know this is a US coin forum. I'll have you know from my research on it months ago I learned that the colonists used these coins. In fact the US accepted these coins as US tender until 1858. found an archived auction from 2005. http://coins.ha.com/common/view_item.php?Sale_No=378&Lot_No=12781#Photo
There is differences between my coin and this coin and I know the place it was minted makes a huge difference in value: my coin is minted FM(Mexico) and not DA(Chile I believe), my coin is EF with no "graffiti", "bumps" or any other problem PLUS it has a very noticeable die brake on the reverse. I emailed a Spanish coin web site specializing in the sales of Reals, they said they buy them "all the time" for about a hundred bucks. No thank you! I have never EVER found them on eBay or anywhere else even in P1 shape. My question remains, what is it worth? Seems the pics are too big to post:

Placid · March 27, 2008 2:05AM

Try this one for comparison,
http://coins.ha.com/common/view_item.php?Sale_No=9441&Lot_No=67468#

Charles IV 8 Reales 1789 Mo-FM, portrait of Charles III KM107, XF
Sold for: $86.25 (includes BP) Bid Source: Internet
Ended: Oct 1, 2007

clarkbar04 · March 27, 2008 2:07AM

Your coin was minted in Mexico City (Capital M with little "o" above); FM I believe are the assayers initials.

mrpotatoheadd · March 27, 2008 2:09AM

<< <i>I emailed a Spanish coin web site specializing in the sales of Reals, they said they buy them "all the time" for about a hundred bucks. No thank you! I have never EVER found them on eBay or anywhere else even in P1 shape. My question remains, what is it worth? >>

Not having a catalog handy and assuming this is a commom date, I'd think $100 is probably in the upper range of what a dealer would offer for the coin.

Placid · March 27, 2008 2:11AM

The pillar dollars used to be listed in the guide book of u.s. coins aka red book. Maybe they still are.

mrpotatoheadd · March 27, 2008 2:21AM

I don't know how well-defined the terms actually are, but I believe this is what's typically called a "pillar dollar":

And this is a "portrait dollar":

TomB · March 27, 2008 2:44AM

FM is not the mintmark. The "M" with "o" above, along the edge, is the mintmark and it stands for Mexico City. These are quite common and the 1789 shows values of $40 in VG through $250 in EF in the Krause Standard Catalog Of World Coins, which you should be able to find at most chain bookstores. You may also access this information online at Numismaster. Your piece has been at least dipped and might have been cleaned and is almost certainly worth far less than you believe. They are commonly found on ebay and there is plenty of information on these coins on the web.

Walkerguy21D · March 27, 2008 3:18AM

And to add - die breaks (sp) are probably the norm on these, and certainly not worth a premium. I think all of mine have die breaks. These were minted by the millions, so despite the age and appearance, this is not a rare coin. Interesting and neat, but not particularly valuable. And every Spanish shipwreck salvage brings up more of them. They are also being counterfeited now as well, along with about everything else!

jmski52 · March 27, 2008 4:04AM

I agree with the comments made about the probable worth of this coin, but on the other hand - aren't these old "pieces of eight" pretty darned cool?

ColonialCoinUnion · March 27, 2008 4:14AM

Anything very choice and original is worth more, but I agree with the other's assessments of the coin pictured.

zeek · March 27, 2008 4:30AM

Thanks all for taking the time, not being a pr*ck, but what does one see that I don't see(even under 16x) to lead to the belief of being cleaned? There is no abrasions and the coin tone is darker with CIH.

TwoKopeiki · March 27, 2008 4:37AM

Hard to tell if authentic from the images, but nothing is raising a big red flag other than I would examine the die break more closely. I can compare it to some other examples I have catalogued once I get home. I assume the weight is correct and the coin is edged properly?

It's a transitional type with the bust of Carlos III, but legend of Carlos IV. New World Treasures New World Treasures has this in AU for $495 (which is a bit optimistic, in my experience). Yours seems to be XF reverse, high VF bust (probably XF overall, though). Are those hairlines on the bust? If so, it may indicate old cleaning and would drive the price down. If it's problem-free XF - price would be around $250, if hairlined - $150 or so.

1789 8 reals, again

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