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    Description

    1758-Mo Spanish Milled Dollar, MS63
    Pillar Dollar
    Important in Colonial American Commerce

    1758 Mo-MM Ferdinand VI Eight Reales, MS63 NGC. Mexico City Mint. The monogrammed MO mintmark for Mexico City has a small o over a capital M. The initials MM refer to Manuel de la Peña and Manuel Assorin, assayers at the Mexico City Mint from 1733 to 1763 and 1754-1770, respectively. The Spanish milled dollar, along with its subsidiary denominations, was a pillar of commerce in the American colonies prior to the Revolution, and it continued in widespread use for decades thereafter. So ingrained into commerce was Spanish silver that when the U.S. Mint was established in 1792, the monetary system was based on that already established by the Spanish milled dollar. In November 1792, at the second session of Congress, held in Philadelphia, an act "regulating foreign coins, and for other purposes," was passed, which made the Spanish milled dollar legal tender in the United States at a rate equal to the value of 100 United States cents, on par with the newly authorized U.S. dollar. The act also allowed for the legal tender status of other foreign coinage for a period of three years; beyond that point only the Spanish milled dollar would remain legal tender in the United States, a status it held until the coinage act of 1857.

    Lesser denominations of the milled dollar were in divisions of eight reales, the Spanish value of the coin: four, two, one, and one-half real coins. A one real coin was equal to about 12 and a half U.S. cents, and was dubbed a "bit." Thus, a U.S. quarter was equal to "two bits," and it became synonymous with that nickname, which, among numismatists at least, is still today a readily recognized reference to the quarter dollar denomination.

    The present coin is an exceptional, conditionally rare example of the workhorse Spanish milled dollar of colonial America. It is the finest 1758 piece certified at NGC, with a lone MS64 coin finer at PCGS. Luster is bright and satiny. Sharp legends and devices complement the subtle reflectivity of the fields, where blue-gray, green-gold, and russet hues intermingle with the silvery patina. Eye appeal is stunning. Listed on page 35 of the 2021 Guide Book.
    Ex: Donald G. Partrick.


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    Auction Info

    Auction Dates
    April, 2021
    22nd-25th Thursday-Sunday
    Bids + Registered Phone Bidders: 24
    Lot Tracking Activity: N/A
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