More than a decade ago, I purchased from an LCS a dozen colonial Mexican 8 reales -- each chopmarked, and severely cleaned; dates 1787-1807. They were sold at (or maybe below) bullion, and I trusted the LCS not to cheat me, but I wondered if they were all good silver.
The LCS (under new management) bought an XRF gun, and tested them for me today. Six were 90%; 2 were 93%; 2 were 95%, 1 was 97%, and 1 was 99.3%. I did not believe any were regal, and I was right--no trace gold. However, I was surprised by the spectrum of results.
I came across an 8 reales coin with reduced silver content. I consulted an expert and learned about lower silver coins made to cheat merchants within the Chinese trade / commerce. But mine was about 85% or so if I remember right.
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