Expert: Dmitry Livshits - 11/14/2009

Question
QUESTION: I have come across several old foreign coins. The one in qustion is a 1739 Spanish coin with the wording on the obverse being philip.V.D.G.hispan.et ind.rex written on it. A crest topped with a crown is in the middle. The back is written vtraque vnum m  1739. Has picture of 2 worlds with a crown above them and 2 what look like pillars on each side of this with crowns on top of each. I viewed a photo of this online and it says it was possibly minted in mexico city and was the first world dollar. This one is hevay but does not appear to be made of silver. It does not look like some morgans I have. Could it be made of coper or bronze? The edges also have little cuts in them all the way around. The coin is in near mint condition except for 2 holes in it where it appears it was worn as a necklace at one point. What would this coin be worth also?  Thanks

ANSWER: Hi Todd,
This certainly sounds like a Mexico City 8 reales, or "piece of eight" or "pillar dollar". These coins were all made in silver. Counterfeits are common, but also would be a silver color.
Most likely this is a medallion designed after the coin, but meant specifically to be crafted into jewelry. These coins were already collectible and valuable in the early 1900's, so most jewelry pieces will not have a real coin in them.
It is also possible that this is a contemporary (antique) counterfeit which was made of silver plated bronze. These pieces are rare, but do exist and the silver often becomes worn off with circulation.
A contemporary counterfeit will be right around the same 27-28 grams that a real one would.
Also, the edge you describe is a colonial edge which is normal for these coins.
The value on a genuine coin in good condition with holes would be in the $100 to $150 range, while an old counterfeit would be $50 to $100. A modern replica or medallion styled after the coin would not have a significant value, being novelty pieces.
Please don't forget to rate this answer.
Thanks for the question! =)

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QUESTION: Thanks for the accurate answer. I had someone that knows abou metal look at the coin. It is indeed bronze plated with silver. The only bronze showing is on the high areas and it is only in a few places. The coin though only weighs in at 21 grams. So what do you think about the weight? It is a very well struck coin. I got it from an elderly lady (70+) that had a box of coins her dad left behind when he died in the late 60's. I bought the entire collection and it is truly amazing what I have been pulling out of this box. It is possible but very unlikely that the coin is a modern fake. It would have had to been faked prior to 1967. But the3 weight concerns me, it is well struck.
I am leaving your rating right now on all the questions. Thank you very much.

Answer
The 21 gram weight is unusual. The contemporary circulating counterfeits would have had to pass typical weight tests, which merchants routinely conducted. For that reason they were made to be the normal weight or very close to it.
You most likely have a vintage novelty replica, made in the US or Europe as such, rather than made in China as a scam. It's a curious object that may be worth up to $25 to an interested collector. However, it would not be legal to sell this item on the auction market unless it is stamped "copy" or "replica" on the coin itself.
Thanks for your kind ratings =)

PS:
It is VERY noble of you to destroy the counterfeit. This is something that plagues the collecting world, and few people are ethical enough to destroy them or permanently mark them as a copy.
Thanks again!