Philip V died in July of 1746, and this Mexico City 8 Reale comes from the final year his name appeared on Spanish colonial silver. The Pillar Dollar was the most trusted trade coin of its day, and it circulated from the Caribbean to Canton as the world's working money. That heavy use is exactly why Mint State survivors are so hard to find, since almost every example was spent, shipped, or melted. This piece carries the Mo mintmark and the MF assayer initials of the Mexico City mint. You'd be surprised to hear just how rare this coin is given the reasonable price point: Only 69 examples have been certified in all grades combined from PCGS and NGC--this is one of only 6 in the grade with 17 coming in finer!

The obverse shows the crowned Spanish arms with the castles of Castile, the lions of Leon, and the central Bourbon fleurs-de-lis, framed by the legend PHILIP V D G HISPAN ET IND REX. The MF assayer initials sit at the left of the shield while the 8 denomination stands at the right, both boldly struck. On the reverse, two crowned globes rest above the waves between the Pillars of Hercules, each column wrapped by a banner reading PLVS VLTRA. The motto VTRAQUE VNUM arcs above, with the Mo mintmarks flanking the design and the 1746 date below.

PCGS graded this Pillar Dollar MS-61, a true uncirculated grade for a type that rarely escaped commerce unworn. Satiny luster covers both sides beneath light silver-gray toning, and the central devices show strong definition in the crown, the shield, and the columns. Scattered contact marks account for the numerical grade, but the surfaces remain original and free of problems. A welcome addition to any collection of Spanish colonial silver or early world trade coinage. The coin also comes in a much older PCGS green holder and these coins are known to fetch premiums when they appear at public auction. Great coin for the money and a spectacular looking example, to boot.

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