This
week’s highlight for the May Collector’s Choice Online (CCO) auction is a
Mexico Pillar 8 Reales dated 1749-MoMF with lovely toning at the peripheries. This prolific series was produced at the
Mexico City mint from 1732-71, and was the first milled coinage of the new
world. It was recognized and accepted in
trade as being of consistent weight and purity and would spread across the
globe like the previous cob coinage.
This new design depicted crowned globes above waves (representing the
whole of Spanish dominion), flanked by the Pillars of Hercules (leading to the
nickname “Pillar Dollar”) with date, legend and mintmark around. The reverse depicts the crowned arms of Spain:
iconic castles and lions in the four major quadrants, Fleur de lis at the
center and a pomegranate at the center bottom, flanked by the assayer’s letters
and denomination with legend around. Even
though the majority of Mexican pillar dollars dates are not exceptionally rare,
trying to obtain a problem free Mint State example can be daunting.
The Pillars
of Hercules on a Pillar dollar resemble the United States dollar sign. This is no coincidence because the dollar
sign was derived from this. The colonists were not strangers to the Pillar
dollar, or pieces of eight, as they circulated quite heavily in colonial America. As a matter of fact, Thomas Jefferson
proposed to the Continental Congress the adoption of these milled Spanish
dollars as the monetary unit for circulation in the new country on September 2,
1776.
Be
sure to view this and other rare and interesting items offered in our May CCO
auction at StacksBowers.com. We are currently accepting consignments of Chinese
and other Asian coins and currency for our August 2017 Hong Kong Showcase
Auction and consignments of world and ancient coins and world paper money for
our August 2017 ANA Auction. In addition we are always looking forward to our
other future sales, so if you are interested in consigning your coins and paper
currency (whether a whole collection or a single rarity) be sure to contact one
of our consignment directors.
