The Silver Dollars of '60
Mexico 8 Reales, 1860

Owner Comments:

The Mexican 8 reales was the dominant trade dollar of the early19th century, especially with the important China market. It made up the bulk of circulating silver dollars in the US until the Coinage Act of 1857 canceled its status as legal tender. These are 38.9 mm, 27.07 g and 90.3% silver and were produced in vast quantities despite periods of instability such as the civil war that was being fought during this example's year of issue. The obverse design depicts the coat of arms of the Mexican Republic, an eagle, gripping a snake and perched on a cactus on a rock in a lake is based on the legend of the founding of Tenochtitlan. The common nickname 'Cap and Rays' comes from the reverse design with its Phrygian cap, a symbol of freedom and the pursuit of liberty, over a background of rays of light. My example is from the Durango mint which operated from 1824 to 1895.

Slabbed purchase from the February 2015 Heritage Selections from the Law Collection of Mexican Coins Auction,