The Spanish Milled Dollar, as you probably know, circulated freely as a world coin including colonial America. It was accepted throughout the colonies including the Canadian Provinces and Northwest territories. It is the basis of The United States dollar and the Canadian dollar. It remained a "legal tender" coin in the U.S. until an Act of the United States Congress discontinued the practice in 1857. The Spanish Milled Dollar is also known as a "piece of eight", an "8 Reale" or a "Pillar Dollar". The "Pillar Dollar" is the first coin pictured in the Red Book. Beware! If it is your intention to own one or more of these silver "pieces of eight" make sure the coin/s you purchase is/are dated from 1732 through 1771. The reverse of the Spanish Dollars, that were legal tender coins in the U.S.A. and Canada, had a two-hemispheres world map supporting a Spanish crown positioned between the Pillars of Hercules, thus the name "Pillar Dollar". Here's a photo courtesy of Wikipedia: <http://en.wikipedia.org/wiki/Imagehilip_V_Coin.jpg>
Thanks, Clinker, its fun to imagine the 8 reale piece circulating in the US, how I would have enjoyed getting one in change. An additional point of interest here is that the US monetary system was based on the 8 reale, as in one 8 reale piece = $1. Thus, 1 reale was 12.5 cents, or one ´bit´, and a quarter was (and is still known as) ´two bits´.
I've never has a Pillar Piece of 8,but I did have a Mexican Pillar Piece of 2 in my collection.That was before I began the process of offloading some of the non-British Commonwealth coins late last year. Aidan.
Aiden Some 2 Reale pieces are valued more then some 8 reales pieces especially if they are cobs and not milled coins.... Clihjnker
Do you know why that is Clinker ? It's actually true in many cases, not just with Spanish colonial coinage. It is true with US coinage as well. The reason is that the highest demand always has been and still is for the small denominations. Large denomination coins like the 8 reales or the US dollar were seldom used, often hardly circulating at all. While the small denomination coins circulated widely, were used every single day by just about everyone - and as a result of that usage there are far fewer of them left today.
Clinker, thanks for the note. I just saw one yesterday, I forget the date. Offered by a very reputable dealer, nice condition about VF as I remember it, but neatly holed. Any one have any idea of value (what I should have paid) for the piece ??
