Expert: Brad Swain - 2/21/2010

Question
"Hello, I have a Spanish coin from 1748 and would like to know the value. It is in great condition. One side of the coin says VTRAQUE VNUM 1748. That side also has two upside down Ms each with a circle over them. It also has flowers seperating each word except for VTRAQUE and VNUM. On the other side, it says FERDND VI D G HISPAN ET IND RHX. There is a flower seperating RHX and FERDND, and dots seperating all the other words, except for ET and IND, which are seperated by a space. In the center is a sheild with a crown above it, on the left of the sheild is the letter M and F underneath it. To the right of the shield is the number 8. I would also like to know how rare this coin is. Thank you for your time."

Answer
Hi Veronika, If genuine, it seems to be a silver dollar sized Spanish-Mexican 8 Reales. That design features King Ferdinand VI (1746-59). The M and F 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.
There are more fakes around than originals. Weighing it may be the best telltale of its genuineness.
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 $25 with heavy wear to maybe $125 with moderate wear to possibly $250 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'.
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