Description:This Spanish silver coin was minted in Potosi, Peru during the rule of King Philip V. The obverse side of this coin features the Pillars of Hercules with the date, mintmark and assayer and the reverse side shows a cross with lions and castles in the quarters. Philip V was the first King of Spain from the House of Bourbon and ruled from 1700 - 1746. During this time, Spain controlled a global empire with territories and colonies in Europe, the Americas, Asia and Oceana.
With the discovery of untold riches that were mined in the Americas, the Spanish and their mighty galleon fleets were the premier supplier of gold and silver coins for the world. This vastly increased the shipping trade and made many merchants wealthy, both in Spain and in the Colonies. However, it was inevitable that the Golden Age of Piracy (1650-1725) in the New World would ensue, with the likes of Blackbeard, Stede Bonnet and "Black Sam" Bellamy raiding ships and settlements in search of treasure.
Spanish coins, known as "cobs", that circulated in this epic era were hand struck from dies and cut to weight. Minted in five denominations in silver, the largest was the 8 reales, famous in the colonies and among pirates as a “piece of eight.” The other denominations were 4 reales, 2 reales, 1 real and 1/2 real. Cob coins with their unusual shapes are all unique, making each a one-of-a-kind piece of history.