This replica of a Spanish coin, valued at 8 reales, was known as the “pillar dollar” or piece of eight”. In the 18t century a coin’s value was determined by its weight in silver or gold. This coin was made of one ounce of nearly pure silver. Many were cut into quarters for smaller change. These, and currency from many other countries, were used in the American colonies in the 18th century, since hard currency was not easily available, as England refused to send coins for use in the colonies. Commerce was conducted using bartering, or trading furs, tobacco, or other values, or relied on these Spanish pieces of eight. These were in the colonies until 1857, when the U.S. Congress declared them no longer legal tender.
The obverse shows the crowned pillars of Hercules ( the gates to the new world), and two globes representing the old and new worlds.
The reverse inscription means “Ferdinand VI, by the Grace of God, King of the Spains and the Indies” and displays the arms of Castile and Leon with Granada in the base and an in-escutcheon of Anjou.
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