Mexico: Philip V "Milled" 8 Reales 1732 Mo-F MS62 NGC,...

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The First Milled Dollar of Mexico

Philip V "Milled" 8 Reales 1732 Mo-F MS62 NGC, Mexico City mint, KM103, Cal-1437 (prev. Cal-774), Cay-9349. The milled Spanish Dollar, with its iconic Pillars of Hercules design, was the foremost coin of its time, seeing use across the globe in both commerce and daily exchange. It was with this very date, the first in the series, that this instantly recognizable type entered onto the world stage. Issues dated 1732 are the recognized king of the series, which spanned nearly four decades before the introduction of the subsequent "Bust" type 8 Reales in 1772. Though a royal decree of 1728 had authorized the striking of circular coins in the Spanish realm, it was not until March 29, 1732, following the mintage of milled portrait-style 8 Escudos, that the first 'Pillar' 8 Reales were struck at Mexico City; gaining widespread popularity, minting quickly extended throughout the Spanish colonies, and they circulated widely in the Americas and the young United States.

This selection, ranked within the top three of all certified examples of the issue (which currently number only 13 in total), displays an aesthetic quality that in many ways seems outsized for the assigned grade. Admitting some trivial highpoint softness, the strike is generally sharp, resulting in devices that are admirably outlined, rising in clear relief against the fields below. A fitting steel tone, carrying undertones of sunset orange-gold, decorates the surfaces to both the obverse and reverse alike, revealing bright glints of mint luster underneath, alongside a level of handling that seems absolutely minimal for the grade designation. No hits, knocks, or scratches are visible, leaving only the faintest friction as a possible grade-limiting factor. The result is a truly eye-appealing coin, one whose quality presentation only further adds to the allure of its incontestable rarity.

From the Paramount Collection

Metal: Silver
Diameter: 39.5mm
Weight: 27.0674g
ASW: 0.798oz

More information about Mexican Coins. See also: Mexico World Coin Nationality.

View Certification Details from NGC