Sandra B. writes: My husband and I have this coin and are curious as to it’s origin and value. It’s date is 1799. The bust on the front is facing to the right of the coin and appears to have a wreath on his head. To the left of the head it says Carolus IIII, and to the right of the face it says, Dei Gratia. On the back of the coin it says, Hispan Et Ind R M E or F (I can’t be sure), the last letter is M. It has a crest on the back divided into 4 parts with 2 columns on either side and a crown above the crest. The lower left section on the crest is a lion facing left and standing on its hind feet.
I can’t really tell what the top left and bottom right symbols are, they look like castle towers and the top right has a dent. The crest also has a circle in the middle with a design I can’t make out. We’ve had it for quite some time and have always been curious about it. My husband had taken it to a coin shop once and was told it wasn’t worth very much, but we thought differently. Thank you.
You have a 1799 silver Colonial 1/2, 1, 2, 4 or 8 Reales struck at the Mexico City mint. The denomination is reflected by the size. The 8 reales (pronounced ray-ál-lace, the plural of real (ray-ál) ). (Real is the Spanish word for Royal.)
The coin features the bust of King Charles IIII of Spain, the abbreviated Latin legend around is CAROLUS IIII DEI GRATIA = Charles the fourth,  By the Grace of G-d), the date below. The legend on the reverse (HISPAN ET IND REX M° (a number, the denomination is here) R F.M. = King of Spain and the Indies, Mexico City Mint (?) Reales F.M.= assayers initials. The reverse show the crowned shield of Spain with alternating castles and lions representing the Spanish provinces of Castile and Leon.
The market value of this coin depends on the denomination and grade of the piece. Approximate value range in average circulated condition:
8 Reales (the size of a U.S. silver dollar) = $30 – $100
4 Reales (U.S. half dollar size) = $20 – $50.
2 Reales (U.S. quarter size) = $2 – $90.
1 Real (U.S. dime size) = $2 -$50.
1/2 Real = $2 – $50.
Note that damaged or cleaned coins bring less than the prices above. Examples in uncirculated (new condition) or about uncirculated condition are worth far more.
The Spanish 8 reales was the model for the United States silver dollar and in fact, these coins were legal tender in the United States until about 1858. The subsidiary coinage of the 4 reales (equal to a half dollar) 2 Reales (quarter) 1 real (12 1/2 cents but worn pieces often passed at a dime and was known as a bit). The 1/2 real was technically 6 1/4 cents but worn pieces passed as a U.S. silver half dime (5 cents). Half reales circulated primarily in the southern U.S. where the coin was known as a picayune.
These terms still exist today but are slowly fading into linguistic history. You sometimes still hear people use the expression 2 bits when they mean a “quarter” and “picayune” is occasionally used to describe something very small.
