Expert: Brad Swain - 1/11/2010

Question
Hi Brad, I came accross a 1760 Charles III pillar 8 Realles. I don't know much about coins, I understand the weight should be 27 grams. I put mine on a accurate digital scale, it weighs 20.5 grams. Does this mean it's a counterfit?  

Answer
Hi Justin, yes, the weight is critical to its authenticity. Mint masters were fired or even executed if found to be issuing underweight coins. Wear would only be less than a .1 gram difference.
That design was from the first year of the reign of King Charles III (1760-88). If M and M are to the left of the shield thasn that is 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 .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 $35 with heavy wear to maybe $150 with moderate wear to possibly $300 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