Expert: Brad Swain - 1/3/2010

Question
hello i have a 1781 coin.on one side it says rhilippvs d g hispaniarvm with a sheild under a crown MF on the left and 8 on the right, on the other side it says et indiarvm rex 1781 with two lions and two castles in the shape of towers, could you tell us anything about it and its market value thank you for your time happy new year.

Answer
Hi Emma, It seems to be a fake of a silver dollar sized Spanish-Mexican 8 Reales. That design should feature King Charles III (1760-88) not King Philip V (1700-46). The F and F are the Mexico City mint's assayers' initials but not of that year. It should be M and F The Mexico City mintmark is an M with a small o over it. It should weigh 27.0674 grams and would contain .7858 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. A genuine one may be worth about $20 with heavy wear to maybe $75 with moderate wear to possibly $150 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