Expert: Brad Swain - 3/11/2010

Question
Mr. Swain
Can you tell me anything about this coin:

http://www.longwebs.org/Coin/8-Reale1796MexicanCoin.htm

Thank you for any advice or suggestions you have.  

Bill Long
Crofton, Maryland

Answer
Hi Bill, If genuine, it seems to be a silver dollar sized Spanish-Mexican 8 Reales. That design features King Charles IV (1788-1808). 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 .7797 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 $15 with heavy wear to maybe $50 with moderate wear to possibly $100 with light wear. Cleaning coins that leaves them shiny or scratched, even if only by looking with a magnifying glass, will reduce a coin's value by at least half. 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