Dollars, or pieces of eight (because of their denomination, being 8 Reales) circulated extensively trough out the Americas, both North and South. Not only during the time they were minted, which was up to the 1770s, but for many decades thereafter as well. In fact, coins like this would be the prime currency for many Americans until the mid 19th century. By then, however, the old Spanish coins were worn out, sometimes nearly unrecognizable and usually underweight, as could be expected after much use. As such, these pillar dollars and smaller silver pieces were finally retracted from the American monetary system in 1857.
Mexico City is the only mint which issued pillar coins for all three kings of the period, Philip V (1700-46), Ferdinand VI (1746-59) and Charles III (1759-88).
The design itself is also attractive to collectors, as it shows two globes (for the Old and New Worlds) between the Pillars of Hercules draped with PLVS VLTRA (“more beyond”) under a crown and the legend VTRAQUE VNUM (“both are one”). The other side of the coin shows the Bourbon Spanish arms with denomination, assayers’ initials, mintmark and king’s name. •