1745 MO MF Mexico 8 Rreales (KM # 103) NGC MS64. Subdued mint luster and light toning characterize this mint state pillar dollar. The upper portion of the obverse is slightly darker than the rest but not unattractive. It shows shades of grey, tan, yellow, and a slight tint of purple. The reverse, toned a bit more evenly, also shows colors of grey, tan, and light yellow with touches of purple near the edge. The surfaces of the coin are free of distractions as would be expected for a mint state graded coin. Some adjustment marks are noted on the reverse, but these do not detract from the grade. The obverse strike is strong at the top and weaker at the globes and the date. The reverse is evenly well struck.
The obverse of this coin shows two hemispheres suspended above a sea. Above them is a crown representing Spain’s dominion over both worlds. These are flanked by the Pillars of Hercules, which represent the Strait of Gibraltar, gateway to the New World. Each pillar is has a small crown and bears a banner which, between them, reads PLUS VLTR[A], (more beyond). Beneath the sea is the coin’s date. On each side of the date are duplicate mintmarks. Inscribed around the periphery is the legend VTRAQUE VNUM (both are one). These various elements are separated by quatrefoils. The reverse of each coin shows the Spanish coat of arms. The assayer’s initials, MF, are to the left of the arms, the coin’s denomination in reales to the right. Around the obverse periphery is the king’s name, PHILIP V, followed by the abbreviated legend DEI GRATIA HISPANIARUM ET INDIARUM REX (by the grace of God, king of Spain and the Indies).
In the United States these coins 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 Reales piece 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.
