Expert: Brad Swain - 12/2/2009

Question
I have just inherited a few coins, some US and some foreign.  I am attempting to learn about this money and it's worth.

I have one coin that has a picture of (I think) a king on the front.  It is about the size of a silver dollar, weighing much the same.  The front says; 1806  CAROLUS.IIII.  DEI. GRATIA   The reverse side of the coin shows two pillars with (pictures) in the middle of them deicting Lions and ?Castles?.  Above this is a crown.  The words going around the coin are;REX.M.8R.T.H   .HISPAN.ET IND.
Do you know this coin?  Can you give me some information on it?
Should this coin be kept in any safe way? Is it worth insuring?
Thank you for your kind attention to this request.
Sharyn

Answer
Hi Sharyn, It appears to be a silver dollar sized Spanish-Mexican 8 Reales. That design features King Charles IV (1788-1808). The T and H are the Mexico City mint's assayers' initials. The Mexico City mintmark is an M with a small o over it. It should weigh 27.0674 grams and would contain .7797 of an ounce of silver. 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 $20 with heavy wear to maybe $50 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 .
Counterfeits and fantasy pieces mass produced in East Asia, the Middle East and Eastern Europe abound of Chinese and U.S. coins, and many other countries'.
Weighing it may be the best telltale of its genuineness.
Fakes: http://reviews.ebay.com/Fake-8-4-and-2-Reales-coins-from-ASIA-BEWARE_W0QQugidZ10...
Chinese counterfeit factory: http://coins.about.com/od/worldcoins/ig/Chinese-Counterfeiting-Ring/Chinese-Fake... .
Brad