Rod C. writes:Â Do you know anything about a coin called a Spanish Milled Dollar?
The Spanish Milled Dollar was a term English speakers gave to the Spanish 8 Reales that was minted on a coin press from the date 1732-1826. The term “milled” refers to the fact that the coin blanks (flans or planchets) were made on a milling machine and were of consistent weight and size.
Spanish silver coins minted before and even for years after 1732, were “cob” type coins made by hacking off a piece of hot silver, weighing it and stamping the design into the coin. Cobs were of crude uneven shapes making it difficult to ascertain that the coin weighed the proper amount (27.03 grams). The introduction of a technologically superior product kept Spanish coins as the basis for the world monetary system.
Many countries, European and Asian, countermarked Spanish Milled Dollars for use within their own countries. In the United States these coins were used and were legal tender up until the Civil War period. Milled Dollars had a powerful effect on the U.S. coinage system. Our dollar was based on the Spanish Milled Dollar and some of the slang expressions referring to this money still survive today. As an example, the 8 Real was often cut into 8 “bits” to make change. Each bit was worth 12 1/2 cents (100 divided by 8). Though rapidly fading now, the expression 2 bits still refers to a quarter dollar.
The first design consisted of the pillars of Hercules surrounding crowned globes, hence the other name for this coin, “Pillar Dollar”. In 1772 Charles II decided that all coin of Spanish American would carry his portrait and so the pillar design ceased to be minted.
There are many Spanish Milled Dollars available in the Numismatic market place. They range in price from $35 for the most common portrait piece in average condition to a $100 or so for a nice pillar design. Of course rare dates or high states of condition can cost a lot more.
