Amazing 8s -- Charles III Portrait 8 Reales 1772-1791

Set Description


Highlights from my collection of Real de a Ocho (better known to English speakers as Eight Reales or Pieces of Eight) from Spain and Spanish New World Colonies and specifically of the type known as bust or portrait dollars of Charles III.

In 1772, Spain decreed a lower silver content for their coinage and introduced a new design with the portrait of the reigning monarch, Charles III, on the obverse and the crowned shield of León and Castile between the Pillars of Hercules on the reverse. Despite this change from the well-known columnario/pillar dollar design, the portrait eight reales were widely accepted as international currency due to the consistency of silver content and uniform milling characteristics that made them difficult to counterfeit. These coins were so abundantly minted and used in commerce that they were legal tender in much of the world. They made up the majority of specie in the US, well after the US began minting its own currency, and were the preferred trade dollar with China.

This set features 30 portrait 8 reales with examples from all the mints that struck the 8 reales in this period, 1772-1789, and up to 1791 for various posthumous issues. In addition, two examples are also counterstamped; the 1783 Mo FF has a Bank of England stamp and the 1790 Mo FM has the Madura star.

The mints that struck the Charles III portrait 8 reales were:

Madrid -- Capital of Spain since 1606, its mintmark is distinguished by the crown above the 'M'. It was not one of the main mints of Spain until the 17th century. 8 reales of the macuquina type (cobs) first appeared in 1620 according to Cabeto. Charles III portrait 8 reales were issued from 1772-1775, 1777, 1782 and 1788.

Seville -- An ancient city that produced coins for Romans and Goths, its zenith during the Spanish Empire was its period as the home of La Casa y Audiencia de Indias, the agency for all colonial exploration and trade, from 1503-1717; Seville's mint handled much of the precious metals from the New World. Its mintmark is 'S'. Charles III portrait 8 reales were issued from 1772-1779 and 1788.

Mexico City -- The oldest mint in the Americas was established in 1535 in the capital of the Viceroyalty of New Spain. 8 reales were not issued until the reign of Philip II (1555-1598). The common mintmark is 'M' with a small 'o' above. The first two years of the Charles III portrait type are known for the inversion of the mintmark and assayers initials. Charles III portrait 8 reales were issued from 1772-1789 and posthumously in 1789 and 1790 with the bust of Charles III and legend for Charles IV.

Guatemala City -- Capital of the Captaincy General of Guatemala, a large region that included El Salvador, Honduras, Nicaragua, Costa Rica and Chiapas; minting started in 1733 with old equipment and tools from Mexico City and used the mintmark 'G'. The Charles III portrait 8 reales started in 1772 but were interrupted in 1773 by earthquakes that resulted in the movement of the city and mint away from the highlands, 40 miles to the Northwest. The new mint began 8 reales production again in 1777 and began using the mintmark 'NG' for Nueva Guatemala (New Guatemala). Issues continued until 1789 with posthumous issues in 1789 and 1790 with the bust of Charles III and legend for Charles IV. My set includes examples from both mints.

Lima -- Capital of the Viceroyalty of Peru, it was granted minting authority in 1565. Starting with the Charles III portrait issues, its mintmark was a monogram combining the letters 'LIMAE'. These continued from 1772-1789, with posthumous issues from 1789-1791 with the bust of Charles III and legend for Charles IV.

Potosí -- Established in 1543 as a mining town at the foot of a mountain with the largest known silver deposit, Potosí was part of Alto Perú (Upper Peru), which would be renamed Bolivia, after independence, in honor of the general and political leader Simón Bolívar. Alto Perú was part of the Viceroyalty of Peru until 1776, when it was shifted to the Viceroyalty of the Río de la Plata in hopes of countering the growing influence of Portugal in the region. With the beginning of milled coinage in 1767, it adopted the mintmark monogram with the letters 'PTS'. Charles III portrait 8 reales were issued from 1773-1789 and posthumously in 1789 and 1790 with the bust of Charles III and legend for Charles IV.

Santiago -- Capital of the Captaincy General of Chile, its mint was first authorized as a private endeavor in 1743. It minted what the region mined which was mainly gold. Charles III brought the mint under the crown in 1770. The mintmark is 'S' with a small 'o' above. Silver issues are scarce and the Charles III 8 reales portraits are known for 1773, maybe 1774, 1775-1789, with posthumous issues from 1789-1791 with the bust of Charles III and legend for Charles IV.

Set Goals
Quality 8 reales featuring the portrait of Charles III (1772-1789 and up to 1791 with posthumous issues). My interest in collecting coins started in 2009 with the impulse purchase of a 1783 shipwreck coin. I did not imagine that collectible grade 8 reales coins were available until I started browsing the internet to see whether I got a good deal. The sheer quantity of mintage and scope of exchange of these coins is astounding and their popularity with collectors everywhere is impressive. Truly the first global currency. After I realized what a lousy deal those "America's first silver dollars" are, I set out to build a collection of quality 8 reales of the same design as that first coin. I hope you enjoy my set -- it's been a pleasure to build and curate.