Expert: Brad Swain - 11/7/2009

Question
I have a 1789 8 reales mexico w/ carolus III on it and i have seen the answer u gave someone else but theirs has carolus IV on it. it is in slightly worn condition

Answer
Hi Ross, It is a silver dollar sized Spanish-Mexican 8 Reales. That design features King Charles III (1760-88) through half of 1789 because the new dies with King Charles IV (1788-1808) effigy did not arrive until late 1789. The F and M are the Mexico City mint's assayers' initials. The Mexico City mintmark is an M with a small o over it. It should weigh 27.067 grams and would contain .7859 of an ounce of silver. Fakes do exist.
Collector value depends on date, number minted and condition of a coin, including amount of wear, any dents, scratches or cleaning. This one may be worth about $50 with heavy wear to maybe $150 with moderate wear to possibly $225 with light wear. You might also try a library for a copy of the Standard Catalog of World Coins for pictures, values and lots more interesting info.
The “Spanish Milled Dollar” and its fractions were the principal currency through the early 1800s in U.S. everyday circulation and were legal tender as late as 1857.
You might find similar pieces on Ebay.com for comparison. These sites are also a great info source:
http://carlclegg.com/pillars/design.html .
http://www.coinsite.com/content/faq/8RealesMilledPillar.asp .
Brad