Expert: Brad Swain - 11/11/2009

Question
The date is 1814. The pillars have no crowns. Legends -OBV>Ferdin VII dei gratia. REV>Hispan et ind rex me 8R J P. Is this an authenic 8 real? Where is it from? The "Ferdin" doesn't seem right. Condition VG-F. Has a hole for hanging on a string.

Answer
Hi Rob, It appears to be a silver dollar sized Spanish-Mexican 8 Reales. That design features King Ferdinand VII (1808-21). The J and P are the Lima mint's assayers' initials. The Lima mintmark is a monogram of LIMAE. It should weigh 27.0674 grams and would contain .7797 of an ounce of silver. There were 3.6 million minted that year. 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 $15 with heavy wear to maybe $75 with moderate wear to possibly $100 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