This is a Spanish 8 reale piece that was the most popular in the American Colonies until 1857. Known as Pieces of Eight because of how much the coin could get cut up into pieces to give change.
The Pillar Dollar was also minted in 4, 2, 1 reales. Struck mostly in Mexico Santiago, which was very rare. The obverse has two globes depicting the Old New World. On the reverse the Pillars of Hercules the gates of the New World.
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