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If it were real, this old pillar dollar (8 reales, or piece of 8) would be worth a handsome sum. You can see our appraisal page on genuine pillar dollars at this link.
There are many modern replicas of this famous old coin. Usually the replicas are made of silver, so that gives them value. Use web sites such as kitco.com to look up the current value of silver.The coin in our first picture (upper right) is all spiffed up. It is a proof coin, with fields that look like mirrors and devices that are white and frosty. It is a great gift for someone, and a nice addition to a collection of modern coins. Just don't pay too much for it, over and above its silver value.
The second picture (to the left) shows a more convincing fake. When compares to a genuine 1732 8 reales, there are differences in the design, notably the 'MX 1732 XM' legend. Never buy rare coins from a person you do not trust. The example below compares a genuine coin (from Sedwick Coins) with a convincing fake.
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