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A silver Spanish dollar minted in Mexico City c. 1650. After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity (sometimes known as "specie" coinage) eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real (or 1-peso) coin ...
The 8 reales coin is the predecessor to the American dollar. Before the United States Mint was in production, columnarios circulated, along with other coinage, in the US colonies, as legal tender until the middle of the 19th century. Prior to the columnario, Spanish coins were hammer struck. These rather crude looking coins were called cobs ...
The silver 8-real coin was known as the Spanish dollar (as the coin was minted to the specifications of the thaler of the Holy Roman Empire and Habsburg monarchy), peso, duro or the famous piece of eight. Spanish dollars minted between 1732 and 1773 are also often referred to as columnarios. The portrait variety from 1772 and later are ...
The old silver standard (plata vieja) was maintained in the American colonies, but a new devalued silver (plata nueva) was adopted for circulation in Spain itself. The old piece of eight was valued at 10 reales of the new silver coin. The new 8-real coin was known as peso sencillo, the old piece of eight as peso fuerte.
In 1934, the Second Spanish Republic issued its first coins in the denomination of 25 cts and 50 cts and Pta 1. The 25 cts and silver Pta 1 were the same size and composition as the earlier Royal issues, whilst the 50 cts was struck in copper. In 1937 a 5 cts coin was struck in iron and a new Pta 1 in brass.
Ancient silver coins coveted by collectors include the Denarius and Miliarense, while more recent collectible silver coins include the Morgan Dollar and the Spanish Milled Dollar. Other than collector's silver coins, silver bullion coins are popular among people who desire a " hedge " against currency inflation or store of value .
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