World Silver - 1754MO MF 8 Reales, Mexico KM-104.1 NGC MS63

Rare UNC Pillar Dollar—only 2 graded finer at NGC!

Here is a dramatic specimen of America's first true Silver Dollar. The Spanish Milled Dollar, or Pillar Dollar, became the most utilized money of its time. It became the monetary standard in China and other countries in Asia. Such coins were minted in silver-rich Spanish-American cities from Mexico to Peru beginning in the early 1500s and exported around the world. It became the international standard of silver coin and the inspiration for crown-sized coins developed around the world. NGC has graded 36 as MS63 with only 2 finer.

This lustrous example was produced at Mexico City in 1754. The Pillar Dollar was produced from 1747 to 1760. The 8 Reales Spanish Milled Dollar, and the subsequent 8 Reales Carolus dollar, were the coins upon which the United States silver dollar was based by Alexander Hamilton in his iconic financial document, “Report on the Establishment of a Mint” (1791). The Spanish 8 Reales coins remained legal tender in the U.S. until the Coinage Act of 1857.

Ferdinand VI, King of Spain, who ruled when this offering from AUCM was struck, in a painting by Louis Michel Van Loo, circa 1746-1759. Image: Wikimedia Commons.

The obverse of this coin displays the Pillars of Hercules, within which are crowned, conjoined globes and ocean waves below, hence the name "Pillar Dollar" and was valued at 8 Reales (royals) or better known as "Piece of Eight.” The obverse legend is VTRAQUE VNUM, which means ‘Both as one, further beyond.’ The ‘oM’ stands for the Mexican Mint (Casa de Moneda de México). The reverse presents crowned arms shield bordered by value and initials. The legend reads, FERDND·VI·D·G·HISPAN·ET IND·REX, which translates to ‘Fernando 6th by the grace of God King of Spain and the Indies.’