1786 Pillar Dollar Help Grading And Valuation

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Author	Replies: 9 / Views: 1,951
MisterT Pillar of the Community United States 2003 Posts	Posted 03/28/2021 01:25 am Hello Folks, Normally I collect classic and modern U.S. coins but I have in my collection this 1786 Pillar Dollar with Mexico City mint mark. I have no idea how to grade this coin nor of its value. This coin has some light rose toning and is full of chopmarks and weighs 26.5 grams. Any help trying to grade and value it would be very much appreciated. Report this Post to the Staff

John1 Moderator United States 56855 Posts	Posted 03/28/2021 05:04 am Sorry, going to need better photos. John1 Report this Post to the Staff
MisterT Pillar of the Community United States 2003 Posts	Posted 03/28/2021 05:09 am Sorry my photo skills leave a lot to be desired. Try these two pics Report this Post to the Staff
Keith67 Pillar of the Community United States 6540 Posts	Posted 03/28/2021 05:34 am Over 1 gram underweight. Dont know if thats a big deal or not Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21786 Posts	Posted 03/28/2021 08:06 am Shiver me timbers, arrrgh! - A Piece of Eight! (Cornish pirate accent doesn't come out very well in writing - sorry 'bout that.) More seriously, I would think that the combination wider Weight Tolerance for these and wear makes the one gram under weight still seem plausible for genuine. If those chop marks were just damage, the value of the coin would only be about 10% above silver value, relative to grade. However, due to the fact that they are chop marks, the value above silver value relative to grade is reduced by perhaps only 50%. At least, the chop marks lend credence to the coin being genuine. good Fine (British grading). - No Sheldon grading for non US coins, and definitely not for milled coins. Coin was cleaned a long time ago, but I don't think the the value is all that much affected now. After all, most Pillar Dollars have been cleaned at some time or other. Research ebay for similar coins of similar grade to get an idea of value. Edited by sel_69l 03/28/2021 5:12 pm Report this Post to the Staff
Pistareen Valued Member United States 309 Posts	Posted 03/28/2021 08:15 am When Napoleon was fighting with Great Britain and Spain allied with France, English silversmiths had learned the art of silver plating and applied it to the war effort by making silver plate counterfeits of Spanish Colonial money to destabilize the enemy supply chain. You coin looks like one of these which circulated to the orient and was rejected by merchants who used chop marks to see beneath the silver surface to a bad core. I think you coin cannot be graded, but has so much interesting history it has value as a relic of a turbulent past. It's value is in the stories it tells. Report this Post to the Staff
MisterT Pillar of the Community United States 2003 Posts	Posted 03/28/2021 2:02 pm Thanks for your input! This coin was purchased from a reputable coin dealer back in the early '90's and came with a printed card describing the coin, the chopmarks, etc... It was given to me as a gift but I think at the time it cost about $80. Like many of you, I treasure the history behind the coin and I find it quite fascinating. Now if I only had some genuine cob coinage from a shipwreck! Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21786 Posts	Posted 03/28/2021 5:16 pm Sharp picture of edge would be helpful. Report this Post to the Staff
MisterT Pillar of the Community United States 2003 Posts	Posted 03/29/2021 3:17 pm Keith12, Not really concerned about the under weight. It actually amounts to 0.6 grams under and in comparing a coin of this size with circulation wear compared to a Morgan dollar with the same amount of circulation wear, 0.6 grams is reasonable as far as weight reduction. Plus all those chopmarks help to conclude that it was accepted by many merchants as genuine. I do wonder however if the chopmarks actually remove metal and reduce weight or if they simply displace metal and retain the weight. The large mark on the head sure looks like metal was removed. Still I suppose the only sure way is to put it on a precious metal verifier or conduct a specific gravity test. Wish I had one of those verifiers, it would make things so much easier. Like a previous poster said, the true appeal of this coin lies within its history and I like it. Report this Post to the Staff
sel_69l Bedrock of the Community Australia 21786 Posts	Posted 03/29/2021 6:53 pm If it is a sliver plated fake as Pistareen has hypothesised, a 'precious metal verifier' (aka a hand held XRF instrument) will only confirm the metal in the alleged plating, not in the body of the coin. Provided that the core has been exposed, perhaps? an XRF shot could be taken through the largest of the chop marks. Fakes exist where the chop marks are also fake to make the coin look more plausible. However, specific gravity testing would be more valid in this case. Report this Post to the Staff
	Replies: 9 / Views: 1,951

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