Expert: Brad Swain - 3/23/2010

Question
I have a coin with CAROLUS IIII DEI-GRATIA 1797 & his likeness on the front & HISPAN ET IND R M F M & a coat of arms, 2 trumpets & a crown on the back.

Can you please tell me what it is & what it's worth? Thank you.

Answer
Hi Mike, If genuine and silver dollar sized it would be a 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 $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'.
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