Expert: Brad Swain - 4/8/2010

Question
I have seen a few questions regarding this but none were completely specific to the VTRAQUE VNUM 1748 coin. It has the two M's on the dated side with small circles above them. The other side reads HISPAN ETIND REX FERDND VI D G. There is an M above an F on the left and an 8 on the right. I have looked up pictures on google image and mine is as mint as the best I have seen. Just curious of the value and the overall rarity of this coin, I came across it in my personal belongings and am kind of overwhelmed with the sense of history this brings. Thank you very much.

Tyler

Answer
Hi Tyler, 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