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

Here is an attractive and lustrous example of America's first true Silver Dollar. The Spanish Milled Dollar, or Pillar Dollar, became the most utilized money of the era. Such coins were minted in silver-rich Spanish-American cities from Mexico to Peru beginning in the early 1500s.

This dramatic 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 dollar was based by Alexander Hamilton in his famous “Report on the Establishment of a Mint” (1791). The Spanish 8 Reales coin remained legal tender in the U.S. until the Coinage Act of 1857. NGC has graded 36 as MS63 with only 2 finer.

The Pillars of Hercules appear on the engraved title page of Sir Francis Bacon’s Instauratio Magna (Great Renewal) of 1620. Image: Wikimedia Commons.

The obverse 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.’