File:Real of Philip V (obverse) (FindID 564708).jpg

English: Silver worn and clipped one real 'pillars and waves' type cob of Philip V (1700-1746) of Spain, dated to 1723 on the reverse. The mint letter and assayer letter, on either side of the 'I' in the top line of the reverse, are too worn to make out, but the coin would have been minted in Lima, Peru or Potosi, Bolivia or Mexico. The reverse central field that remains has two upright pillars with foliate capitals and waves formed by curved lines beneath them. There are two equidistant horizontal lines that cross the pillars forming nine squares, but only the three central squares are now legible.

Within these squares are the letters :

[.] / I / [.]

[PLV] / SVL / T[RA]

[1] / 723 / [.]

In the mid-16th century major silver deposits were found in South America, in an area known as 'Peru', but this relates to an area much larger than modern-day Peru. Coins minted from here were called 'cobs' or cabo, and rather than producing a nice flan onto which the image was struck, cobs were simply a bar of silver cut into appropriate weights (1, 2, 4, 8 reales) so they are not standard shapes. This coin was most likley minted in Peru, Bolivia or Mexico due to its irregular shape.

Cayon (2005) illustrates similar examples on page 858, Figs.29-30, Nos.8422-8424.