Eileen writes: I have a 1781 coin that appears to be Spanish. On one side it has a head facing right. The gentleman has a pigtail and a large nose. From the right top of the coin it reads: DEI.GRATIA.(upside down 1781).CAROLUS.III. The edges of the coin are beaded.
On the opposite side of the coin there is an emblem with two castles and two lions. On each side of the emblem are tall candle holder type images. Above the crest is a crown. Reading from the right the coin reads: HISPAN.ET.IND.RHX.M.1R.F.F The M after RHX (above) has some type of loop above it. Can you tell me about this coin and if it is worth anything?
You have a Mexico, Spanish Colonial 1 real struck under King Charles III of Spain. The obverse features a bust of Charles III facing right, around is the Latin legend CAROLUS III DEI. GRATIA (Charles III by the Grace of G-d). The legend continues on the reverse, HISPAN.ET.IND.REX. M. 1R. F.F (King of Spain and the Indies M° (Mexico City Mint) 1R= the denomination, 1 real (pronounced rey-ál) F.F.= the initials of the assayer). The central design on the reverse shows the Pillars of Hercules surrounding the crowned shield of the King of Spain.
The Spanish Real system consisted of a major unit, the silver 8 Reales (Spanish Dollar) divided into 8 parts and then subdivided further into 1/2 and 1/4 reales. The Spanish monetary system was dominant for more than three hundred years and even United States coinage was based on this system (8 reales=$1) when U.S. coinage was issued in 1793.
Coins such as 1 and 1/2 reales (colloquially a “picayune”) circulated freely in both North and South America and in the early part of the 19th century, constituted the bulk of small change. In the western United States territories, coins were in such short supply that 8 reales were often cut into 8 parts to create the necessary change. Each part, 1 real, was called a “bit” (2 bits was a quarter). Though 1 reales were technically worth 12 1/2 cents as time went by the wear on these coins became so severe (the last 1 real portrait coins were struck in 1808) that 1 reales only passed as a dime and 1/2 reales as a 5 cent piece. Spanish coins were legal tender in the U.S. until 1858.
Value of 1 real portrait coins depends on the rarity of the date an the state of preservation (grade). Value range for common dates like 1781M: $2 – $50.
