1770 Pillar Dollar, Gold Price

Silver Dollars

1770 Pillar Dollar From Colombia's Neuvo Reino Mint Not Previously Known Silver Dollars Sold by Heritage Auctions For $80,500.00

During Spain's rule over much of the New World, the use of its coinage was widespread. Colonial mints in Mexico, Peru, Colombia, Guatemala and Chile produced various coins, including silver Reales.

By the second half of the 18th century, the Spanish milled dollar or "Pillar Dollar," minted from 1732 to 1773, was circulating throughout the world, even serving as standard currency in the United States. Its usage was so widespread that some historians argue its pillars with scrolls running across them inspired the creation of the $ symbol.

Until recently, most if not all Pillar Dollars were believed documented. But three years ago, a small group of Pillar Dollars struck at the Nuevo Reino mint in Colombia was found amid the ruins of Bogota's Nuestra Segora del Pilar church, which was founded in 1770 and destroyed during civil unrest in the early 1950s. Since there are no records of 1770 Nuevo Reino Pillars, it is likely that the pieces were produced specifically for the church and placed in its foundation, says Cristiano Bierrenbach, director of international sales at Heritage.

Silver Dollars

All 14 Pillar Dollars, minted during the reign of King Carlos III, were acquired by the same person. The finest example from the batch realized $80,500 at Heritage Auctions' World & Ancient Coin Signature® Event in May 2009.

"The amazing thing about this Pillar Dollar," Bierrenbach says, "is that we can actually trace it to the day and place of its minting. The entire history of this coin, and the reason for which it was created, is right on its face."

A Majestic Colombian 1770 Pillar Dollar
Carlos III Pillar 8 Reales 1770NR-VJ, KM39 (Date Unlisted), Calico 1000, Cayon Unlisted, MS64 NGC. Few world crowns demand so much numismatic interest as the Columnarios or Pillar Dollars that were struck from 1732 to 1773 in numerous Spanish mint houses throughout the Americas. By the second half of the 18th century, the Pillar Dollar had become a true "world currency" being widely used in Europe, the United States (where it was legal tender), and the Far East. Both old and new worlds are depicted on the coin's obverse and are crowned between the two pillars of Hercules with legends "VTRAQUE VNUM" (both are one). On the reverse, the arms of Castille and Leon are displayed under the Spanish crown with the denomination "8" to the right, assayer initials to the left.

Of all the Pillar Dollars minted, the pieces struck in Santa Fe de Bogota, Nueva Granada (today Colombia) at the Nuevo Reino mint are perhaps the most desired among collectors and numismatists worldwide. The coins were only struck in 1759, 1762 and 1770--all are extremely rare with very few specimens known.

The 1770 Nuevo Reino Pillar Dollar was unknown to exist until about 3 years ago when exactly fourteen coins where found in the old foundations of the Nuestra Senora del Pilar church in Bogota. This church, which was also a convent and school for girls, existed from the 1770's until 1948 when it was set on fire during major riots in Bogota. The church was eventually torn down, and the area was turned into a parking lot. A few years ago, construction began on a new building. When crews dug up the parking lot, they found a small group of coins in the old church foundation--including the fourteen 1770 Nuevo Reino Pillars.

Spanish tradition says that when the first foundation stone is laid, it is blessed and in specific cases, the foundation is carved, engraved and coins are placed inside. Inside this stone, over 100 coins were found, most were cob 2 Reales, a few gold cobs, and numerous circulated Pillars from Mexico. Since there are no previous records of 1770 Nuevo Reino Pillars, it is likely that these pieces were struck specifically for the ceremonies at the Nuestra Senora del Pilar Church.

All of the coins found have been sold to private collectors and museums in Colombia and Spain. The original purchaser of the coins kept the two highest quality coins for himself, and the piece we present here is one of them. With an incredibly strong and sharp strike, most, if not all of the original luster is remaining. This coin will command lively competition, and once it is done, the Nueva Reino 1770 8 Reales will find a new home and become the centerpiece of a very advanced numismatic cabinet.