1751MO M MEXICO 1/2R NGC MS64. This coin, KM # 67.1, is an uncirculated, fractional part of a Real, roughly equivalent to an American half-dime. It is remarkably well preserved with clean, silver-grey surfaces and no trace of wear, in keeping with the grade. The coin is well centered, sharply struck, and has most of its original mint luster. The coin has been graded MS64 by NGC and is tied with two others for the finest known at NGC. It is included in the American Independence Collection because coinage of this type circulated in the American colonies and in post-colonial America.

Beginning in 1732, the Mint in Mexico began making coins that were held by a collar that placed a security device on the edge. On the obverse were the Pillars of Hercules, which represent the Strait of Gibraltar, gateway to the New World. Each pillar has a small crown on top and a banner that is inscribed PLUS VLTRA meaning more beyond. Within them were conjoined globes with a crown on top and ocean waves below. The crown represented Spains domination over both worlds. Under the waves are the date and double mintmarks. Around the periphery is the inscription VTRAQUE VNUM meaning both are one. The elements of the inscription are separated by quatrefoils. The reverse has a crowned coat of arms with the assayers initials left and the denomination right.

The Spanish coat of arms has several components. The arms of Castile and Leon represented by a castle and a lion are one half of the shield. In the center is the three fleur de lis of the Bourbon Dynasty. Around the periphery of the coin, is the abbreviation for the kings name in Latin, FRD. VI for Ferdinand VI and the abbreviation for the legend DEI GRATIA HISPANIARUM ET INDIARUM REX meaning by the grace of God, king of Spain and the Indies. In 1772, the obverse of the Pillar Dollar was changed to a portrait of the reigning king. The legend VTRAQUE VENUM was removed, but the other legends and design elements were retained.

After the American Revolution, the Pillar Dollar and its fractions remained the main currency in daily circulation. Most contracts called for payment in Spanish Milled Dollars. Because the early government of the United States failed to produce adequate coinage for circulation, the Spanish coins circulated for decades. When they were made, the federal coins were heavier and had a higher intrinsic value. They were hoarded or shipped to Europe where they were recoined. The Pillar Dollar was legal tender in the United States until 1857.

Mint state milled fractional pillar dollars are rare. In its population report, NGC shows 3 examples of 1751-MO M Reales in MS64 with none better.