8 Reales SUD Oaxaca, Cast Silver (1811-1814): Value Guide

Most old Mexican coins are worth a few dollars. This one is different. The 8 Reales SUD from Oaxaca is genuine insurgent war money from Mexico's War of Independence, cast in a mold rather than struck, and authentic examples routinely trade from a few hundred dollars into the low thousands depending on condition and authentication. If you inherited one, it is worth checking carefully.

What you actually have

The "SUD" 8 Reales was produced by the insurgent forces of southern Mexico between 1811 and 1814, in the region of Oaxaca, under the movement led by José María Morelos. "SUD" simply means "South" and marks these as rebel issues, not official Spanish colonial coinage.

Here is the key technical detail, and the thing that separates this coin from ordinary colonial silver: it was cast, not struck. The insurgents lacked proper minting presses, so they poured molten silver into molds. That gives these pieces a distinctive look, often with a slightly grainy or porous surface, softer detail, and small casting flaws that are normal for the type (and are not damage).

Specifications:

• Denomination: 8 Reales
• Weight: 26.5 grams
• Silver fineness: 0.900 (90 percent silver)
• Diameter: 38 mm
• Edge: plain
• Period: 1811-1814
• Type: cast silver, insurgent "SUD" issue (Oaxaca)

The silver content alone gives it a floor. At 26.5 grams of 0.900 fine silver, roughly 23.85 grams of pure silver, the melt value is real money and moves with the silver spot price. But no serious buyer treats an authentic SUD as scrap. The historical premium is the whole point.

What it's worth in 2026

Be honest about condition. Cast insurgent coins circulated hard, were sometimes buried, and many surviving pieces are worn, corroded, or damaged. Value swings widely.

These are ranges, not promises. Insurgent coinage is a specialist market, and prices depend heavily on eye appeal, the specific date, any variety, and above all whether the piece is authenticated. A raw, uncertified example almost always sells for less because buyers price in the risk of a fake.

The catch: fakes are everywhere

Because cast coins are, by definition, made from a mold, they are unusually easy to reproduce. Modern reproductions and outright counterfeits of insurgent SUD pieces are common. This is the single biggest reason not to buy or sell one blind.

What to check yourself first:

• Weight. Use a jeweler's scale. A genuine piece should sit near 26.5 grams. Way off in either direction is a red flag.
• Diameter. Measure with calipers against the 38 mm spec.
• Silver test. 90 percent silver is non-magnetic and has a specific density. A magnetic "silver" coin is fake.
• Surface and style. Compare the engraving style, mint mark, and assayer detail to documented genuine examples.

Any of those checks failing means stop. But passing them is not proof of authenticity either. For a coin in this value range, professional certification by NGC or PCGS is worth the fee. A certified SUD sells faster and for more, precisely because it removes the doubt.

Errors and varieties

Genuine minting varieties exist and can add value. But most "errors" people spot on cast coins are just casting texture, corrosion, or post-strike damage, not factory errors. On a cast piece especially, do not assume a bump or a rough patch is rare. If you think you have a real variety, get eyes on it from people who know the series before you attach a price to it.

Where to sell

This is a coin where who you sell to matters more than where you post it. A general pawn shop or a Facebook buyer will either lowball you to melt value or, worse, refuse it as "probably fake."

• For an in-person appraisal, use a verified numismatic shop from the Pesoteca directory. They can weigh it, assess it, and quote on the spot.
• To sell to collectors who actually understand insurgent coinage, list it in the Pesoteca buy-and-sell forum with clear photos of the obverse, reverse, and edge.
• Before selling, photograph all sides, weigh it, and compare against the value table above so you know your floor.

For context on other silver pieces from this era, see our guides to colonial Spanish-Mexican silver and how minting errors affect value.

Have one of these in an inherited lot and want a second opinion before you sell? Post clear photos and the weight in the Pesoteca forum and let collectors who specialize in insurgent coinage tell you what you're really looking at.

During the War of Independence (1810-1821), the insurgency under Morelos established a parallel administration in the south of New Spain. The insurgent houses struck their own coinage both to pay the troops and to legitimize the alternative government. The SUD pieces were struck mainly in copper due to the scarcity of silver in insurgent areas, though silver versions (cast) exist in some variants. The SUD monogram combines the letters S-U-D amid ornamentation depending on the issuing house. The capture of Morelos in 1815 marked the end of most of these issues. Today the SUD pieces are highly sought after by collectors and institutions for their historical and symbolic value: they represent the first official money of independent Mexico, predating even the First Empire of Iturbide.