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Research Coins: Electronic Auction

 
131, Lot: 412. Estimate $75.
Sold for $106. This amount does not include the buyer’s fee.

SPAIN. Philip V. 1700-1746. AR 2 Reals (28mm, 5.51 g, 12h). Madrid mint. Dated 1724. Assayer A. Crowned arms / Arms of castile and Leon in octolobe. Calicó and Trigo 988; KM 296. Good VF, toned.

Struck at a lower fineness than colonial coins, these were intended to remain in Spain, but many were exported to the Virginia colony (beginning in 1721), where they were called "Pistareens" and circulated at 20 cents or five to the "Dollar" (8 Reales). Their cross design encouraged cutting, and many were made into Half Pistareens, or 'Dismes'. These coins probably influenced Jefferson to eventually recommend a decimal coinage. Vis. Thomas A. Kays "When Cross Pistareens Cut their Way Through the Tobacco Colonies" in The Colonial Newsletter, 'CNL' 116, April 2001.