Expert: Brad Swain - 1/24/2010

Question
Hi. I am an auctioneer in west central Wisconsin. I purchased a small bag of coins from a widow and there is one coin I need help with. She had an 1848 seated dime, Indian Head cents,silver quarters, V nickels, etc. This particular coin she stated that her husband "prized" it. IThe coin is in a plastic case with a foam ring around the outside edge so he must have felt it was something to protect it in this way. His other coins were in a cardboard tube. This coin has notches around the outside edge. One side has the following PHILLIP-V-D-G-HISPAN-ETIND-REX. There is also a shield and the letters M over F. The obverse side has VTRAQUE VNUM 1739. Two letter M's with small O's above each. Two columns with PLUS on one and VLTR on the other. It is in very fine condition. I can email you pictures so you can evaluate it further. I appreciate any help you can provide. I am looking to sell ot but I would like to properly describe it and get an estimate on its value before doing so. Thanks in advance!  

Answer
Hi Robbie, If silver dollar sized it seems to be a Spanish-Mexican 8 Reales. That design features King Philip V (1700-46). 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 27.0674 grams and would contain .7980 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 $50 with heavy wear to maybe $200 with moderate wear to possibly $400 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