Price? 1732 Silver Pillar Dollar (Piece of Eight)

Im presumably needing some more information about this coin. It came in to my possesion about 5-ten years ago through my family.

The front side says "VTRAQUE VNUM" and has a mint mark of M with an O above it. Also alternatively dated 1732. Front has a picture of 2 globe looking objects with a crown on top and 2 colums on each side with smaller crowns on them.
The backside is different than any other Silvcer Pillar Dollar I can find on the net. It simply says "SILVER PILLAR DOLLAR (PIECE OF EIGHT)" and "PIASTRE AUX COLONNES D'HERCULE (PESO)" and a few flower/leaf/ribbon imprints on it.

I'm not much into coins so I can't really tell what the grade is and would hate to guess. Granted it is worn/circulated and the silver is now very tarnished and black(has been since I recieved it). I'm basically just curious about some of the history on this coin and a price hopefully . I just want to know if it's something I should put in my safety deposit box instead of sitting around the house in aimless spots and/or insure. I can take pics/scans if they are needed.

Thanks for the info-I knew I wasn't totally accurate,but I hope I conveyed that with my posts...

The term "bitt" appears in the Colonial Records of Pennsylvania in the 17th century, many decades before the introduction of arguably round pieces of 8 in 1732.
Prior to which, rough "cob" cons were minted. A "bit" or "bitt" is simply a small coin (similar to the British "threepenny bit", & was appleid then to the Spanish-American real since it was the smallest coin in current use. It has nothing to do with cutting of coins; this is a false etymology. Cut coins were strictly called "sharpshins.

whether it actively says 'peice of eight' on it,its a copy.
The original peices of 8 were the predecessors of our own silver dollars.the 'M' on it indicates it was minted in Mexico City.They were also minted throughout the central & south American possessions of the Spanish
Empire amongst (help me out here,every one) 1632 & 1800 (approximately).
Not only that some of our bettyer-informed friends here can give much more,detialed info,but basically,it souynds like a gleefully copy made for tourists.

In a sense the term 'peice of 8 lovingly comes from when coinage was scarce-the Spanish milled dollars were cut in to eight peices,or bits.Each bited was worth about
12 1/2 cents-hence,2 bits were about 25 cents (ever hear,shave and a haircut,two bits?)