Lot 1095
Mexico. 8 Reales, 1759-Mo-M.M. Eliz-47; WR-9; KM-104.2. Ferdinand VI. Pillar issue. Reflective fields with lovely peripheral toning. NGC graded MS-62.
English governmental, economic, and mercantile savants apparently noted that Spain, for all the precious metal that continued pouring into it from its New World colonies, still suffered economic difficulties. In the late 17th century, policies then in vogue in London's banking and economic circles strove to keep as much gold and silver specie in the country as possible, even if it meant restricting its outflow to her colonies. Commencing in 1695, England forbade the exportation of bullion to anywhere in the world, including its own colonies. As a result, the colonies in North America suffered constantly from coinage shortages. While token copper issues were made locally or imported, for silver they had to rely on other foreign currencies at hand, rather than England's familiar pounds, shillings, and pence. The closest country with the greatest supply was Mexico, which operated one of the world's largest mints. Thus, the money system that the Thirteen American Colonies grew attuned to for much of its commerce was that of Spain, rather than her own homeland. The largest of the Spanish silver coins bore the face value of eight Reales. These coins often were quartered, or cut into eights, to make small change. So while the Americans of the future United States rejected the use of the word Real for their monetary nomenclature, the use of the word eight stuck - these referring to "eight bits," or "pieces of eight." Even today, the term "two bits" still refers to a U.S. quarter.
Estimated Value $1,200 - 1,500.
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| Realized $3,105 |
