Very rare and original, ca1770 Charles III, Spanish Colonial 8 Reales Silver Coin minted at Mexico City, Mexico. Offered here is an example of the iconic “Piece of Eight” that was used throughout the New World in the years before the United States began to produce coinage in sufficient amounts.

     This wonderful “Piece of Eight” Spanish Colonial Coinage measures approx. 1 1/2" in diameter and appears to have been salvaged from a shipwreck. The front surface of the Coin features a bust portrait of King Charles III surrounded by text that reads “Carolus III / Dei Gratia” there is also a date under the bust but it is indecipherable. The back side of the Coin features a central, shield shaped Coat of Arms flanked by pillars and surmounted by a large crown. Text surrounding this central image reads “HISPAN ET IND REX M (with small ‘o’ above in monogram for Mexico mint) 8R F F”.

    We must say that we know NOTHING about coins including how to grade them but we have supplied good scans of this coin below and have done some research in order to try and describe it properly. The Spanish Colonial 8 Reales coin was referred to in the 13 Colonies as the "milled dollar" and was accepted as currency in the United States until 1857 (it was the equivalent of a US Dollar). Spanish Colonial Mints struck silver mined in Central and South America into 8 reales and smaller denomination coins and most of the coins were shipped back to Spain. The 8-reales coins not exported to Spain were used in local commerce in the New World, some of them eventually arriving in the English colonies along the Atlantic coast. In the 13 original colonies the 8-reales coin was popularly referred to as a “milled dollar”. Considering the British Royal Mint did not provide the necessary coins needed for local commerce the American colonies used any foreign specie available. The Spanish milled dollar was available and was so popular that the coin was not formally demonetized (through an act of Congress) until 1857. The tradition of the fractions of the dollar which was initiated during the reign of Charles II became popular. Although smaller or fractional denomination Spanish colonial American coins were sometimes available, many of the 8-reales coins were cut into pie shaped halves, quarters, eighths and sixteenths to make change. These are the famous “pieces of eight” of romantic literature. Even today we use the term “two bits” to refer to a quarter of a dollar and “four bits” to refer to a half dollar harkening back to the portions of the 8 reales coin equivalent to 1/4 or 1/2 of a dollar. Many of the decisions made in the early years of the US Mint were influenced by the Spanish 8 Reale Silver Coin which remained popular in the United States through much of the first half of the 19th century.

    The coin offered here has never been professionally graded but came to us with the following identification “Kingdom of Spain / 8 Real Cob / Struck 1700’s / Struck in Mexico”. The front surface of the Coin is pitted in a way that we have seen other 8 Reale Coins that have been salvaged after decades under water – most often Coins that had been salvaged from a shipwreck. The back side is quite well preserved with no significant pitting but light wear to the high spots of the design. Please see the scans below for a good representation of the form and condition of this 250+ year old Spanish Colonial Coin.

    PLEASE NOTE: The ca1775 Spanish Colonial, 8 Reale Silver Coin offered here is unconditionally guaranteed authentic and original – struck in Mexico in the second half of the 18th century ( between 1759 and 1788). The 8 Reales Coin is backed by our “no questions asked” return policy and lifetime guarantee of authenticity. The Coin is unconditionally guaranteed to be deemed authentic and as described here by any third party authentication service and will be accompanied by our own Letter of Authenticity with a statement of our unconditional return policy and guarantee of authenticity.

    A rare and original, ca1770 Charles III, Spanish Colonial 8 Reales Silver Coin – a “Piece of Eight” minted at Mexico City, Mexico and a fantastic addition to any collection!!!