Spain 20, 40, and 100 Reales 1850 to 1864

In 1851 Spain went to a decimal system with 100 centimos in 1 real. The smaller denominations were minted in copper, the middle denominations in silver, and the large denominations, described here, in gold. The abbreviations 20 Rs, 40 Rs, and 100 Rs appear on the back of 20, 40, and 100 reales gold coins.

20 REALES: 15 mm diameter, 0.048 troy ounces gold
40 REALES: 17 mm diameter, 0.096 ounces gold
100 REALES: 22 mm diameter, 0.241 ounces gold

Start value estimation by computing the base value of the coin due to gold content. Multiply the current price of gold, available at web sites such as kitco.com, by the ounces contained. For instance, if gold is $1700 US dollars per troy ounce, a 40 reales has a base value of 1700 x 0.096 = $163.

Since these are old coins and not modern issues, they carry value over and above base gold. The extra value comes from collector demand. Further, since collectors are by nature interested in details, the star-shaped mint marks are important to value.

Here is a run-down of very approximate values to be added to the base gold:

20 REALES
worn: add $50 to base gold value
average circulated: add $200
well preserved: add $800
fully uncirculated: add $1500
coins dated 1861 are more common: divide these values by eight
coins dated 1863 are more rare: multiply these values by two

40 REALES
worn: add $10 to base gold value
average circulated: add $20
well preserved: add $60
fully uncirculated: add $120
coins dated 1861 are more rare: multiply these values by two
coins dated 1864 with 8 pointed star: multiply these values by fifteen
coins dated 1864 with 7 pointed star: multiply these values by eight

100 REALES
worn: add $50 to base gold value
average circulated: add $100
well preserved: add $200
fully uncirculated: add $350
100 reales coins with the following variations are worth substantially more:
- 1850DG with 6 pointed star and legend DOBLON DE 100 REALES: multiply by twenty
- 1851SM with 8 pointed star and legend DOBLON DE 100 REALES: multiply by fifteen
- 1851CL with 6 pointed star and legend DOBLON DE 100 REALES:
multiply by five
- 1850SM with 8 pointed star and legend DOBLON DE 100 REALES: multiply by four
- 1850RD with 7 pointed star: multiply by eight

Other variations of the 100 reales exist, so if you have a nice-looking example seek out a knowledgeable collector or dealer for an in-person appraisal.
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