- Joseph Moran
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- Added 23 May 2006
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The first mint in America was established by the Spaniards at Mexico City in 1536, and other mints were set up shortly thereafter in other parts of Mexico and in South America. The coin that was minted in the greatest quantity was a large silver piece with the value of 8 reales. This coin soon became the most acceptable trade coin throughout the world. During its history it was given several names: piece of eight, Spanish dollar and pillar dollar (from the pillars of Hercules which appear on the reverse side). It is the coin most frequently mentioned in pirate stories and tales of buried treasures. These facts should be enough to energize the imagination.
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