Expert: Brad Swain - 3/3/2010

Question
Hi Brad, I have a 1748 Reales 8 piece. All I can tell you about the coin is that my mother-in-law got it many years ago at a coin shop. It is marked as  "FERDND" and has the small "o" over the "M"s. From what I have found online, it appears to be right as far as content. I am trying to determine whether or not it is genuine. I suspect it isn't due to a couple of issues with the coin. The main issue, to me, is that there is a parting line around the edge of the coin as if the coin was cast with a face and obverse sided die, if that makes sense. Another is the color. Should one expect the coin to have some sheen which would resemble a silver coin? My coin is a darker grey, not to put words in your response, but it looks like lead, to me. Since I know nothing, these attributes could be good, I suppose. I am hoping you can help me shed some light on this. Thanks, Rod

Answer
Hi Rod, 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.
You're description indicates it is a fake. 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