1777 Peru MJ 8 Reale Milled Bust King Charles III Pillar Rare Lima Silver Coin

Description

1777 M.J. Perú ☆ 8 Reale☆ Bust Of King Charles III, Pillar ☆ Rare "Lima Mint" Silver Coin!
This type was struck 1772-89 for Charles III and supplanted the pillar dollar. A slight debasement accompanied the design change.
Recorded mintage:
unknown.
, .903 fine silver, .786 troy oz ASW.
King Charles III, Silver Lima mint. Assayer; MJ - Manuel Iglesia Abarca Y Juan Martinez de Roxas.
In 1776, Potosí and its mint were transferred to the jurisdiction of the newly created Viceroyalty of Rio de la Plata. This political restructuring greatly diminished the prominence of El Perú as a producer of silver coinage, but not of gold (Potosí was not authorized to strike gold prior to 1777). However, El Perú was in need of silver coinage for local use, and its shortage now became critical: cob coinage was awkward for commercial transactions because its weight and fineness often varied.
T
he coin shows almost uncirculated condition,
Scarce in any grade
.
These colonial period coins circulated freely in the many New World colonies of Spain.The coin imaged is the coin you're bidding on.
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