Our Coin of the Week is a Spanish milled dollar (also known as a piece of eight, or eight royal coins, or other names), valued at 8 reales (“royals”).
The Spanish silver dollar was used around the world, including colonial America, and was the coin upon which the US dollar was based. It remained legal tender until the Coin Act of 1857.
The Pillar Dollar variety, featuring pillars on the obverse, was made from 1732 – 1772. For this particular coin, the “Mo” on the obverse is a mint mark indicating Mexico City, while the “FM” on the reverse are assayer’s initials.
This example from 1771 is graded XF45 by NGC.