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-   -   Price? 1732 Silver Pillar Dollar (Piece of Eight) (http://www.collectingbanter.com/showthread.php?t=30539)

Fiend January 5th 04 02:30 AM

Price? 1732 Silver Pillar Dollar (Piece of Eight)
 
I'm needing some more information about this coin. It came into my possesion about 5-10 years ago through my family.

The front side says "VTRAQUE VNUM" and has a mint mark of M with an O above it. Also dated 1732. Front has a picture of 2 globe looking objects with a crown on top and 2 colums on each side with smaller crowns on them.
The backside is different than any other Silver Pillar Dollar I can find on the net. It simply says "SILVER PILLAR DOLLAR (PIECE OF EIGHT)" and "PIASTRE AUX COLONNES D'HERCULE (PESO)" and a few flower/leaf/ribbon imprints on it.

I'm not much into coins so I can't really tell what the grade is and would hate to guess. It is worn/circulated and the silver is now very tarnished and black(has been since I recieved it). I'm basically just curious about some of the history on this coin and a price hopefully . I just want to know if it's something I should put in my safety deposit box instead of sitting around the house in aimless spots and/or insure. I can take pics/scans if they are needed.

phil January 5th 04 02:54 AM

if it says 'peice of eight' on it,its a copy.
The original peices of eight were the predecessors of our own silver
dollars.the 'M' on it indicates it was minted in Mexico City.They were also
minted throughout the central and south American possessions of the Spanish
Empire between (help me out here,everyone) 1632 and 1800 (approximately).
some of our better-informed friends here can give much more,detailed
info,but basically,it sounds like a copy made for tourists.



phil January 5th 04 02:56 AM

The term 'peice of eight comes from when coinage was scarce-the Spanish
milled dollars were cut into eight peices,or bits.Each bit was worth about
12 1/2 cents-hence,2 bits were about 25 cents
(ever hear,shave and a haircut,two bits?)



RLWinnetka January 5th 04 02:18 PM

The term 'peice of eight comes from when coinage was scarce-the Spanish
milled dollars were cut into eight peices,or bits.Each bit was worth about
12 1/2 cents-hence,2 bits were about 25 cents
(ever hear,shave and a haircut,two bits?)


The term "bitt" appears in the Colonial Records of Pennsylvania in the 17th
century, many decades before the introduction of round pieces of eight in 1732.
Prior to that, rough "cob" cons were minted. A "bit" or "bitt" is simply a
small coin (similar to the British "threepenny bit"), and was applied then to
the Spanish-American real since it was the smallest coin in current use. It
has nothing to do with cutting of coins; this is a false etymology. Cut
coins were called "sharpshins."

Bob Leonard

phil January 5th 04 10:47 PM

Thanks for the info-I knew I wasn't totally accurate,but I hope I conveyed
that with my posts...




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