I am interested in Cap and Ray 8 Reales. When I figure out how to post better pictures than this I plan to post some of my collection.

The picture above is of an encapsulated counterfeit salvaged from the SS New York shipwreck. There were by my count 336 Cap and Ray 8 reales salvaged from the vessel and submitted to NGC for grading. Of these 37 coins were returned as unsuitable for encapsulation. This leaves 299 examples encapsulated by NGC. They noted no counterfeits in the lot. I have seen 66 examples in various formats to date and have identified 6 counterfeits. Four of the 6, I have inspected in hand and all 4 have at least one die represented in J. L. Riddell's 1845 publication "Monograph of the Silver Dollar, Good and Bad." The rate of counterfeits present is 9.09% and the percentage of the Cap & Ray 8 reales that I have reviewed is 22%. If the balance of the group returns the same percentage it means that there may be 21 other counterfeits out there in collections.

Anyone care to join the hunt?