Expert: Brad Swain - 2/11/2010

Question
I have recently come across a coin, Piece of Eight 1800 Carolus IIII Mexico City Mint, initials of assayer are FM.  The front reads:  1800 Carolus IIII DEI GRATIA, back reads:  HISPAN ET IND REX M 8R F M.  What is this worth?  I don't know what good or bad condition is on a coin

Answer
Hi JoAnne, It appears to be a silver dollar sized Spanish-Mexican 8 Reales. That design features King Charles IV (1788-1808). 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 27.067 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