1762MO MM, Mexico, 8 Reales, ( Pillar Dollar ) NGC MS63. 1762MO MM Mexico 8 Reales Ex: Millennia/Hesselgesser. Pillar Dollars are an important part of American numismatic history. Circulating in virtually all areas of the new world up to the mid 19th century, they are the first dollar-sized coins which circulated in the United States, and eventually led to the creation of the Silver Dollar. Very popular as such, most examples are well circulated, often damaged, or are found with signs of being on the bottom of the ocean for a long time. Truly uncirculated examples, such as the present are seldom available, and thus this represents a very important opportunity to obtain an uncirculated example of essentially our first dollar coin.

In the early 19th century, coins in circulation in the United States were usually struck outside the country, in countries like Bolivia, The Netherlands and Mexico. New immigrants had brought large amounts of silver into the new country, and circulation of these pieces was plentiful. In fact, these pieces were more widely used than coins struck by the Philadelphia Mint, and much of the late 18th century Colonial Currency was denominated in Pillar Dollars. This would remain the case until the mid 1850s, when finally all silver coinage which did not originate in the United States was taken out of circulation.

As a result of the heavy and long circulation of these pieces, and the lack of coin collectors in the 18th century, very few of these pieces have survived. Somehow, the present coin is one of the few uncirculated examples that are known to exist. Struck at the Mexico City Mint, it has original silver grey surfaces, with full and appealing details on both sides. No major marks are noted on either side, which have been sharply impressed and well-centered upon striking. A very rare coin which led to the birth of our own American monetary system, seldom offered for sale in any grade, and a great addition to any advanced collection of American (colonial) coinage.