Spanish Silver Real (Cob)

1500s-1700s • Spanish Empire • 1 Real to 8 Reales (Spanish Dollar)

About This Coin

Spanish silver cobs are crude, irregularly shaped coins hand-cut from silver bars. The famous "pieces of eight" were 8-real cobs, widely used in international trade and associated with pirates and treasure ships.

Specifications

Composition

90-93% Silver

Weight

Variable (27-28g for 8 reales)

Diameter

Irregular (34-42mm for 8 reales)

Edge

Irregular, often clipped

Designer

Various Spanish colonial mints

Mintage

Millions for trade

Estimated Values by Condition

Condition	Estimated Value
Poor (P)	$100-200
Good (G)	$200-400
Fine (F)	$400-800
Very Fine (VF)	$800-2,000
Extremely Fine (EF/XF)	$2,000-5,000
Uncirculated (MS)	$5,000-20,000+

* Values are estimates based on market data and may vary significantly based on specific condition, mint mark, and market demand.

Identification Tips

Look for the Pillars of Hercules and Spanish coat of arms. Mint marks (P for Potosí, M for Mexico City, L for Lima) help identify origin. Date is often partially visible. "Shipwreck cobs" with encrustation or sea damage are especially prized. The cruder the strike, the more authentic it appears.

Historical Context

Spanish cobs were minted in the Americas (Mexico, Peru, Bolivia, Colombia) from the 1500s-1700s to process New World silver. The word "cob" comes from "cabo de barra" (end of bar) - silver bars were cut into pieces, hand-struck with dies, and used without being perfectly round. These "pieces of eight" became the international currency of trade, influencing the U.S. dollar symbol ($) and many other currencies.

Notable Varieties

1 Real
2 Reales
4 Reales
8 Reales (pieces of eight)
Potosí mint
Mexico City mint
Lima mint
Shipwreck cobs

Frequently Asked Questions

What are "pieces of eight"?

Pieces of eight are 8-real Spanish silver cobs, the largest denomination. These coins could be physically cut into eight pieces ("bits") for making change, giving us the term "two bits" for a quarter dollar. They were the most important trade coins for over 200 years.

Why do shipwreck cobs cost more?

Shipwreck cobs come with provenance from famous wrecks like the Atocha or Concepción, adding historical romance. The sea damage and encrustation tell their story. Authenticated shipwreck coins with documentation command significant premiums due to their adventure history.