Currency of Spanish America – Wikipedia

This article provides an outline of the currency of spanish America ( las Indias, the Indies ) from spanish colonization in the fifteenth hundred until spanish american independencies in the 19th. This big kingdom was divided into the Viceroyalty of New Spain ( capital : Mexico City ), which came to include all spanish territory north of Panama, the West Indies, Venezuela, and the Philippines, and the Viceroyalty of Peru ( capital : Lima ), which included Panama and all spanish territory in South America except Venezuela. The monetary system of spanish America, in the first place identical to that of Spain, soon diverged and took on a classifiable character of its own, which it passed on to the freelancer nations that followed after .

1497 Medina del Campo [edit ]

real ( R ) = 34 Maravedíes ( mrs ) After the spanish kingdoms were united under Ferdinand of Aragon and Isabella of Castile and soon after the seduction of Granada, the spanish monetary system was reformed. This caused some damage to the kingdom. The maravedí had served as the spanish money of report since the eleventh hundred, but on June 2, 1497 the ordination of Medina del Campo ( site of the great international fairs ) made the real the unit of report, with the maravedí defined as a fraction of it ( the 34th region ). The standard silver mint became the real of 3·434 gigabyte, 0·9306 fine ( 3·195 thousand silver ), rated 34 maravedíes. There was besides a half, a 3, and a 6-real mint. This reform adopted the excelente ( called ducado from 1504 ) for gold, a copy of the venetian ducat, 3·521 gram, 23¾ carats fine ( 3484·442 mg gold ), rated 375 maravedíes. A third standard coin was the blanca, a humble coin of 1·198 gigabyte, worth half a maravedí. The blanca was a copper coin containing a trace of ash grey, a type of coin known as billon, vellón in spanish. This was the monetary system that the Spaniards brought to the New World .

1502 Copper coins for Santo Domingo [edit ]

The beginning classifiable coins minted for spanish America were copper 4-maravedí pieces authorized for Santo Domingo by Ferdinand on December 20, 1505 ( by and by confirmed by his daughter, Johanna, on May 10, 1531 ). These coins were minted in Spain ( at Burgos and Seville ) and shipped to Santo Domingo ( Hispaniola ), and subsequently besides to Mexico and Panama. The first were hit 1502–1504 in the list of Ferdinand and Isabella, with an F-I monogram obverse and pillars reverse. Ferdinand died in 1516, and Johanna ‘s son Charles became King Carlos I of Aragon and Regent of Castille, so the last coppers struck in the early 1520s had a Carlos-Johanna monogram.

Escudo gold [edit ]

Charles, who was besides Holy Roman Emperor ( as Karl V ), reformed the amber coinage in 1537, replacing the ducado with the escudo or corona, basically a debased ducat. The cape verde escudo, 24 millimeter, 3·383 g, 0·9167 all right ( 3101·117 mg aureate ), was rated 350 mister. The ducado was not minted after 1537 but continued as a money of bill ( Ducado = 375 Maravedíes ), particularly for foreign exchange .

Tepuzque amber [edit ]

Charles sent silver coins to New Spain in 1523, but this was insufficient for local anesthetic department of commerce. A sort of “ coin ” was produced at Mexico City : gold disk stamped with their weight and daintiness and sometimes with royal countermarks. These discs are known as Tepuzque ( the Aztec bible for copper ) amber or peso de oro. Although not strictly coins, they did serve as money and circulated arsenic late as 1591. No examples are known to exist .

early on Pillars type silver [edit ]

Mexico City was growing and by 1525 it was petitioning the crown for a batch to produce coin locally in decree to facilitate trade. This wish was granted by royal regulation of May 11, 1535 and a mint opened and began producing argent coins at Mexico City in April 1536 .

type 1536 [edit ]

The first silver hit in the Indies ( Spanish America ), known as the column type because it depicted the pillars of Hercules, were hired hand hit, typically on a full-sized rung planchet of even thickness. Obv. : the crown harbor of Leon and Castile, quartered with castle and leo, with the pomegranate of Granada at the point of the shield, and on either slope a mintmark ( M for Mexico ), the rim inscribed KAROLVS ET IOHANA REGES. Rev. : two crowned columns ( pillars of Hercules ) with PLVS ( for plus ultra ) on a streamer and the value ( dots or a number ) between them, the rim continuing the dedication with HISPANIARVM ET INDIARVM. The full inscription appears only on the larger coins, becoming more abbreviate as coins size decreases. The modest quarter real has a crowned initial K without mintmark obverse ( rather of the shield ) ; the half real had the initials K I and the mintmark below. The assayer ‘s initial appears either on the turn back between the column bases ( R or G ), or on the obverse in locate of one of the two mintmarks ( P or F ). Struck at Mexico City between 1536 and 1542, undated.
Denominations : 1/4, 1/2, 1, 2, and 3 reales. ( These coins are rare ; possibly only 300—400 specimens survive. ) The 2 and 3-real coins were confused because of their similar size, so the 3 reales was discontinued in 1537. The 1/4 substantial was unpopular because of its little size ; it was not minted after 1540 .

type 1542 [edit ]

The reverse of the design was modified in 1542, when waves were placed between the two pillars and the wide motto PLVS VLTRA, without a standard, appeared across the field. Struck at Mexico City ( 1542–1572 ), Santo Domingo ( 1542–1564 ), and Lima ( 1568–1572 ) ; undated.
denomination : 1, 2, and 4 reales. ( At least 2,500 specimens of this series survive. )

Vellón coins [edit ]

Vellón ( bull ) coins of 2 and 4 maravedíes were minted at Mexico City ( and obviously at Santo Domingo 1542–1556 ), authorized June 28, 1542 by Viceroy Mendoza. They had K obverse and I reverse, each flanked by a leo and castle with the value under the I. They were rejected by the public, and they were withdrawn from circulation in 1556. copper coins, which dominated currency circulation in Spain during the seventeenth hundred, were not minted again in Spanish America until the end of the eighteenth hundred. ( The reason why copper coinage was not utilized in the spanish colonies as little transfer is unsolved and a matter of dispute among economic historians. royal regulations of 1565 specifically stated that neither gold nor vellón was authorized to be minted in the Indies. )
After Philip II ascended the throne in 1556, Mexico City continued minting character 1542 coins in the name of Charles and Johanna. Lima, however, used the dedication PHILIPVS II. From 1565 until 1821 there was an annual galleon convoy ( Galeones de Manila-Acapulco ) that crossed the Pacific from Acapulco loaded with eloquent coin, which was exchanged at Manila in the Philippines for Oriental goods, chiefly for spices, silk, tea, porcelain, and lacquerware. The output of the american mines was normally shipped to Spain in the shape of ingots or of crude, irregular coins ( macuquinas or cob ). Ingots and cobs were a way to account for the 20 % ( royal fifth, quinto real ) of all treasure due the king .

monetary law of 1566 [edit ]

The value of the cape verde escudo was raised on November 23, 1566 from 350 to 400 mrs, and multiples were introduced. The bivalent portuguese escudo ( doblón ) was called a pistole in the pillow of Europe and in England. The 8-escudo piece ( onza de oro ) was initially known as a bivalent doubloon, then as a quadruple pistole, but finally gained fame as the spanish doubloon. This doubloon of 8 escudos finally became the most common spanish gold mint, equivalent to 16 silver mexican peso. The 1566 reform besides provided for a silver 8-real coin, the real de a ocho or peso duro ( which had already been minted in Spain in restrict count ). This coin, 39–40 millimeter, 27·468 thousand, containing 25·561 thousand pure silver medal, was now struck in the Indies, at Lima from 1568 and at Mexico City from 1572. This coin was normally known in English as the piece of eight .

1572 cross type silver [edit ]

The new coin design of 1572 ( new for America, but already being minted in Spain ) is known in English as the carapace or the cross type. It was known in Mexico as maquina de papalote y cruz ( windmill and cross money ). These were hammer coins, produced promptly, and they by and large deteriorated in quality throughout the period. Most cobs were soon melted down to produce coins, jewelry, etc. But many circulated as mint, but their crude appearance invited nip, and many were soon lightweight. Obv. : the crown Habsburg arms, with mintmark and assayer ‘s initial leave and the value properly, the flange inscribed PHILIPVS II DEI GRATIA. Rev. : the quarter arms of Castile and León inside a quatrefoil design, the separate lines emphasized, looking like a intersect, the rim inscribed REX HISPANIARVM ET INDIARVM. The inscriptions are abbreviated on the smaller coins. minor differences in design detail can be ascribed to a specific batch. Struck at Mexico City 1572–1734, Santo Domingo 1572–1578, Lima 1572–1650, La Plata 1573–1574, Potosí 1574–1650, Panama 1580–1582, Cartagena ( Colombia ) 1622–1650, and Bogotá 1622–1650. This was the first New World type to be struck in the 8-real denomination.
denomination : 1, 2, 4, and 8 reales [ 1 ]
Trade with the Far East and bullion shipments to Spain necessitate ever greater quantities of processed argent. The demand for quantity led to ever poorer craft during the seventeenth hundred, so that coins were struck on petroleum pieces of silver. These roughly made lumps of argent, irregular in shape and thickness but of standard weight and fineness, handily served as impermanent coins. They are known as macuquina in spanish and as “ hazelnut ” in English. Philip III continued with the shield type of 1572 ( inscribed PHILIPVS III ), besides in denominations of 1, 2, 4, and 8 reales. Mexico City coins were dated from 1607. Potosí, where the position of mint assayer was auctioned off to the highest bidder, only began dating coins in 1617, after a scandal involving an illegal degradation of the black-backed gull coinage ( 1610–1617 ). The dates were added to the obverse dedication, but because of the irregular condition of a black-backed gull, they are rarely legible. Philip III unleashed the era of vellón in Spain in 1599, when his government attempted to remain solvent by authorizing vellón of pure copper. It was at this time that the flood of eloquent from Mexico and Peru peaked. The different kinds of coin—gold, eloquent, and vellón—had circulated at par since 1497, but arduous issues of vellón above its intrinsic value destroyed its customary acceptance at par, and began driving silver medal out of circulation. By 1620 accounts in Spain were being kept in reales of vellón, no longer in eloquent reales .

neologism in Spain [edit ]

The output of vellón in 1621–1626 was colossal. Since 1599 over 15 billion maravedíes worth of vellón had been minted. Silver was constantly at a premium, and prices rose precipitously. then the inflow of ash grey began declining in the 1630s as more silver was retained in America for colonial needs. [ 2 ]

neologism in America [edit ]

Old worldly concern coin types used in early America are known from archaeological evidence of mint hoards commencing at Santo Domingo, circa 1500, and ahead. Most any mint used in the previous world could have migrated to the fresh, with explorers and settlers embarking from many ports with some local change in their purses. On arrival in America the beginning coins were walked about, able to be found hundreds of miles away from where their owners first stepped ashore. Coin types found in abundance, such as “ blancas ” of the Catholic Monarchs, were likely drivers of early commerce, and not mere keepsakes of the immigrants. The beginning raw worldly concern batch was authorized in 1536 at New Spain, Mexico City .

Macuquinas ( cob ) [edit ]

Macuquinas, besides known as “ black-backed gull ”, were used heavily in local transactions in America, although their poor quality produced many complaints. Water-powered curler die and punch technology, capable of making high quality, round neologism was imported to Segovia, Spain from Germany in the 1580s, yet the old Royal mint at Segovia continued to make black-backed gull. The Potosi Mint was the last to establish this boost technology, making cobs until 1772. The macuquina ‘s irregular supreme headquarters allied powers europe invited clip, leading to ever greater numbers of coins below legal slant. Clipped coin tended to migrate at a minor net income in commerce to cities in need of coin ( much those preparing a fleet for voyage ) where hard money was accepted at, or near, face value. In 1784 ( by which clock time all macuquinas were over a decade old ), King Charles III ordered macuquina in the Indies bow out and reminted. The order had to be reissued in 1789, but it remained unfulfilled due to a lack of resources. Cobs are the original “ treasure coins. ” Struck and trimmed by hand in the 16th through 18th centuries at spanish mints in Mexico, Peru, and Colombia ( among others ), ash grey and gold cob are handsomely crude, closely all with a intersect as the cardinal feature of speech on one side and either a coat-of-arms ( carapace ) or a tic-tac-toe-like “ pillars and waves ” on the other side. Silver black-backed gull are known as “ reales ” and gold cob are known as “ cape verde escudo, ”, with two 8 reales ( about 27 grams each ) equaling one portuguese escudo. Some cobs were struck with a date, and most show a mintmark and an initial or monogram for the assayer, the mint official who was responsible for weight and fineness. Size and supreme headquarters allied powers europe were immaterial, which means that most cobs are far from rung or undifferentiated in thickness. Cobs were generally accepted as good currentness all around the world, and were the accurate coins pirates referred to as “ pieces of eight ” ( 8 reales ) and “ doubloons ” ( any gold cob but in the first place 2 cape verde escudo ). Their invention and history have made cobs a identical popular choice for jewelry. [ 3 ]

Philip ‘s early coinage [edit ]

Silver coins of the 1572 type were minted with PHILIPVS IV and a 1/2-real cob was added to the common 1, 2, 4, and 8-real denominations. There were major amber deposits in Colombia ; a mint opened at Santa Fe de Bogotá in 1620, and it produced the first gold coins ( cob ) in spanish America in 1622. Unlike silver, the gold coins show the king ‘s portrayal obverse. A moment illegal adulteration of the hazelnut neologism in the Viceroyalty of Peru in 1631–1648 was a major scandal. The public began refusing all peruvian coins as potentially below standard. After this affair, the cross design was replaced at all the peruvian mints by a fresh pillar-and-wave design. The reputation of coins from the Mexico City batch was unblemished, and hybridization type hazelnut continued to be produced there until 1734. interim, all peruvian coins circulating in Spain were called to the mints in 1650 to be recoined .

1651 pillars-and-waves type [edit ]

After the adulteration scandals in Peru, cross type cob were replaced by a type known as pillars and waves in English and as Perulera in spanish. These hand struck cob, like the hybridization character, degraded in quality as fourth dimension passed. Obv. : a intersect with lions and castles ( exchangeable to the 1572 overrule ). Rev. : a copulate of pillars with waves below intersected by three horizontal lines of text, forming a ticktacktoe design, the top line with the mintmark, the value, and the assayer ‘s initial ( e.g. L 8 M = Lima, 8 reales, assayer M ), the middle line PLVS VLTR [ A ] ( abbreviated on the smaller coins ), the bottom cable the assayer ‘s initial, the last two numerals of the year, and the mintmark ( e.g. M 88 L = assayer M, 1688, Lima ). Struck at the Bogotá, Potosí, Cartagena, and Lima mints from 1651 on. even after the introduction of mill neologism in 1732, the Potosí batch continued to produce cob of this type ( the final in 1773 ). These cobs were by and large accepted, but there were still episodic periods of degradation, and peruvian coinage was normally considered inferior .
Peso = 8 Reales Escudo = 2 Pesos = 16 Reales

Currency reform of 1686 [edit ]

The overissue of vellón mint in Spain had driven gold and silver from circulation. After the failure of numerous attempts to correct this site, the currency finally underwent a major reform on October 14, 1686, when Spain devalued argent by ≈20 % and adopted a dual neologism standard. The previous eloquent standard ( plata vieja ) was maintained in the american colonies, but a fresh devalued silver medal ( plata nueva ) was adopted for circulation in Spain itself. The previous piece of eight was valued at 10 reales of the new silver coin. The raw 8-real mint was known as peso sencillo, the old firearm of eight as peso fuerte. Foreign switch over was quoted in pesos de cambio, based on the old objet d’art of eight, which continued to be produced in America. After this, the monetary systems of Spain and of spanish America differed significantly .

neologism in America [edit ]

In 1675 Mexico was last authorized to mint aureate, producing its first gold cob in December 1679, Lima minted its first gold in 1696.

The silver coins of the sixteenth hundred bore an irregular row of dots near the rim, which became more regular during the seventeenth hundred as gold coins took on a round, standard condition. The r-2 of dots ( cordoncillo ) was placed close to the edge. Silver coins followed the gold in adopting these improved details, but the man of eight did not show a clear sketch until 1709. [ 4 ]
Peso ( cuban peso fuerte, duro ) = 8 Reales Onza de oro = 16 Pesos respective Imperial thalers, called dollars in English, were familiar to north american colonists. The part of eight had the same intrinsic value as the thaler and by the goal of the seventeenth hundred it excessively was being called dollar ( and was so designated in Jamaican monetary legislation of 1738 ). By the mid eighteenth hundred the firearm of eight was normally known in British North America as the spanish dollar. colloquial terms used in New Spain were : pataca for the guinea-bissau peso ( actual de a ocho ), tostón for the medio mexican peso ( 4 reales ), and peseta for the 2 reales. Gold circulation became more coarse in spanish America after 1704, when the West Indies adopted a gold standard. After 1716 the spanish mints flooded Spain with debased silver medal based on the real sencillo of 3·067 deoxyguanosine monophosphate, containing 2·556 deoxyguanosine monophosphate argent. These flatware coins were called plata provincial. The silver minted in America was now formally called plata nacional, but was besides called plata vieja ( old silver ) or plata gruesa ( clayey silver ), and occasionally plata doble ( duplicate ash grey ). The british East India Company had established a unconstipated trade with China by 1720, paying for goods with spanish silver. To prevent sweat and snip, laws of 1728 and 1730 adopted mod mint techniques. Gold and silver coins were to be absolutely round and to have milled edges. There was a reduction in weight and fineness, the chilean peso becoming 27·064 deoxyguanosine monophosphate ( the same weight as the gold onza ), with 24·809 gram saturated argent. The onza de oro or peso duro de oro ( 8-escudo while ) was 27·064 gigabyte, 22 carats fine, 24,808·936 magnesium saturated amber. The Mexico City mint was the first to comply, in 1732, using an up-to-date screw press. An edge purpose, resembling a tulip, was put on the 8-reales to make any clip discernible. technical problems and local resistance to design change delayed the borrowing of mill neologism at Lima and Santiago until 1751 .

Milled column flatware of 1732 [edit ]

The mill pillar type of 1732, columnario in Spanish, was machine affect on a full-sized round planchet. Obv. : the crown arms of Castile and León, the assayer ‘s initial left field, the value veracious, the rim inscribed PHILIP•V•D•G•HISPAN•ET•IND•REX+. Rev. : two orbs ( representing the Old and the New Worlds ) under a crown and over the Straits of Gibraltar, flanked by two crown pillars with PLUS VLTR [ A ] on banners wrapped around the column, the inscription VTRAQUE VNUM, and below, the go steady, preceded and followed by the mintmark. The obverse shield is the usual lions, castles, and pomegranate, but with the center defaced by the Bourbon arms ( three iris ). Some child modifications were subsequently made in the placement of the mintmark and assayer ‘s initials. The 8-real coin, 39.5 millimeter, was given a protective corded border design resembling a tulip. Produced until 1772 : at Mexico from 1732, Santiago and Lima from 1751, Guatemala City from 1754, Santa Fe de Bogotá from 1759, and Potosí from 1767. During the production of these coins some minor modifications were made in the localization of the mintmark and assayer ‘s initials. The previous stylus black-backed gull continued to be produced in the Viceroyalty of Peru, with the survive coming from the Potosí mint in 1773. Denominations : 1/2, 1, 2, 4, and 8 reales. The 8-reales produced from 1732 until 1772 was the coin that became a criterion in the english colonies in North America : it is the coin referred to in colonial contracts calling for payment in Spanish milled dollars .

Milled aureate of 1732 [edit ]

The first milled aureate was besides produced in 1732 at the Mexico City mint. The production of gold black-backed gull continued until 1750, after which time they were completely replaced by mill neologism. The gold coins feature an obverse portrayal blueprint, and the royal arms ( reverse ) appear smaller than on the silver medal coins to allow for the encircling collar of the Golden Fleece. The royal titles are the like as on the argent, but the legends vary. The 1732–1747 type bears the inscription INITIUM SAPIENTIAE TIMOR DOMINI. [ 5 ]

neologism in Spain [edit ]

The debased spanish peasant silver was supposed to remain in Spain, but it crossed the Atlantic to create problems. The 2-real coin was peculiarly common in the English colonies, where it was known as a pistareen. It was easily distinguished from the spanish american flatware because provincial argent had the crowned heraldic Habsburg shield obverse and hybrid with the Castile and León shield reverse, and were known as “ cross ” pistareens ( and cross reales ). The cuban peso duro ( dollar ) was normally worth five pistareens. On May 4, 1754 Ferdinand VI prohibited the circulation in America of all money coined in Spain, including national gold and silver coins identical with those minted in America. The quantity of overvalued provincial silver medal in circulation was so great that colonial officials lacked the means to redeem and remove it from circulation .

coinage in America [edit ]

In 1748 the inscription on the amber coins was changed to NOMINA MAGNA SEQUOR ( until 1759 ). Lima switched from producing gold hazelnut to minting milled amber in 1751. A batch opened at Santiago, Chile, in 1750, which produced chiefly amber coins. The rim inscription is FERDND•VI•D•G•HISPAN•ET•IND•REX+ obverse, and +VTRAQUE VNUM+ [ mintmark ] + [ year ] + [ mintmark ] + invert. On the ash grey 8-real mint the royal spanish crown on top of the leave column was replaced in 1754 by an Imperial pennant .

Coinage type of 1759 [edit ]

The eloquent of Charles III bore the rim inscription CAROLUS•III•D•G•HISPAN•ETIND•REX+ obverse, and +VTRA QUE VNUM+ ( mintmark ) + ( year ) + ( mintmark ) + reverse. The 8-real patch was normally called the Carolus dollar in English. The dedication on the aureate coins of Charles III was changed to IN UTROQ FELIX AUSPICE DEO ( and remained therefore until the american colonies gained independence ) .

spanish dollars in China [edit ]

After 1757, China restricted european trade to Canton ( see Thirteen Factories for a description of this deal organization ). The british East India Company dominated this trade and paid for its purchases with spanish Carolus dollars, which were accepted in China for more than the 4s:2d greatest that was considered their intrinsic value. chinese merchants gradually became accustomed to the dependable weight and fineness of spanish milled silver and, rather of melting the coins down, they began to use them as currency, much with a chop ( seal, countermark ) to guarantee its acceptability .

coinage of 1772 [edit ]

Charles adopted new coin designs with the royal profile, more difficult to counterfeit, and his Pragmatic of May 29, 1772 ordered all money in circulation in Spain and the Indies to be recoined at the same weight and daintiness, but he secretly instructed the mints to lower the fineness of national aureate from 22 carats to 21⅝ and of national silver from 0·91667 to 0·90278. This gave a colombian peso of 27·064 deoxyguanosine monophosphate with 24·433 g silver and an onza of 27·064 gravitational constant with 24,386·057 mg amber. These coins are known as the “ portrait ” or “ modify column ” type in English, and as busto in spanish. ( english head real was applied to the provincial silver actual coined in Spain, which was 20 % lighter. ) Obv. : female chest of the baron, the rim autograph CAROLUS III DEI GRATIA with the date. Rev. : two column ( pillars of Hercules ) with the motto PLUS VLTRA on banners, but the two orbs between the columns were replaced with the crown shield of Leon and Castile, the rim inscribed HISPAN. ET IND. REX, then the mintmark, value, and assayer ‘s initials. The cord ( tulip ) edge of the eight reales was replaced with an edge design of alternating circles and rectangles .

neologism of 1786 [edit ]

privy instructions to the mints, June 25, 1786 reduced the fineness of portuguese escudo to 21 carats ( 0·875 ). This should have produced an onza containing 23,681·257 milligram finely gold, but foreign assays show the coins only 0·8698 fine, and those minted after 1800 systematically 0·8646 fine. Assays made by Bonneville on coins minted 1786–1800 showed that all silver was minted only 0·8958 fine. ( The old, true criterion was not restored until after 1821. )
Because of problems in supplying newfangled dies, an edict of December 24, 1788 authorized the american mints to continue using the dies with the portrayal of Charles III, while changing the name to Charles IIII by adding another Roman numeral I. New dies ultimately arrived in 1791. The 8 reales was struck at Potosí in 1789 and 1790 with the female chest of Charles III but the diagnose altered to “ IV ”, then with the new portrait of Charles IV in 1791. The beginning cuarto ( 1/4 real ) was struck at Mexico City in 1794 .
The colonies were cut off from Spain by the french occupation and the Peninsular War of 1808–1814. They were ruled by independent juntas who refused to recognize Joseph Bonaparte ( spanish : José Napoleón Bonaparte ), proclaimed King of Spain and the Indies and older brother of Napoléon Bonaparte, Emperor of the french, alternatively declaring commitment to the depose Ferdinand VII. But the independence movement had already been initiated in earnest by Francisco de Miranda, and in 1810 it broke out in full wedge. The spanish Napoleonic neologism was used lone in Spain. The american mints initially minted coins with the portrayal of Ferdinand VII. The mint of cavalier coins effectively ended in 1821, when republican forces captured the mint at Lima ( although republican coins were counterstamped as monarchist at Lima in 1824 ) .

monetary bequest [edit ]

The monetary whole in the early spanish colonies was the argent uruguayan peso, with a measure of 8 reales. argent coins were : cuartillo ( 1/4 R ), medio ( 1/2 R ), real, peseta ( 2 R ), medio guinea-bissau peso ( 4 R ), and colombian peso ( 8 R ). If minted to standard, they were either 0·916 very well or ( from 1772 ) 0·902 finely. circulation besides included a varying quantity of macuquina, wear, and of varying weight unit and fineness. There were besides silver coins of assorted types that had been produced by republicans and royalists during the fight for independence. gold did not circulate as coarse currency. It was used primarily in external deal and for billboard, The standard coin was the gold onza, with variations in daintiness, the pre-1771 coins being 0·9165 very well ; the 1771 character, 0·901 fine ; and the 1786 type, only 0.875 fine. copper coins were besides in circulation, having appeared in quantity during the struggles for independence .

technical summary [edit ]

The mint standards were set by the spanish crown and until 1686 the coinage of Spain and of the Indies ( Spanish America ) were identical, save in two respects. A minor deviation was that coins minted in America were inscribed REX HISPANIARVM ET INDIARVM ( king of the Spains and the Indies ), while those minted in Spain had only REX HISPANIARVM. The major deviation was that vellón or copper coins were not minted for circulation in the spanish american colonies, while after 1602 the currentness of Spain itself consisted chiefly of copper mint. Although Mexico and Peru were the foreman beginning of the worldly concern ‘s argent, after 1620 silver was always at a premium in Spain and vellón constituted the accounting unit and the foreman culture medium of exchange ( the cuarto besides became a coarse accounting unit ). The silver flowed through Spain in a brace stream to pay for imports, wars, and imperial expansion. Philip IV reformed Spain ‘s monetary organization in 1686 by debasing the ash grey neologism, which had been unchanged since 1497. This reform applied alone to coins minted in Spain. The neologism of the american colonies, which had already assumed capital importance in international trade, was left untouched, and the 1497 silver standard continued in function ( until 1728 ). From this time on, the monetary systems and currencies of Spain and of Spanish America developed differently. Coins were defined by monetary regulations as indeed many minted per mark weight and of a certain minimum fineness. The batch mark used was the mark of Castile. It originated when Alfonso X ( 1252–1284 ) replaced the Roman pound ( libra ) with the Cologne mark. spanish numismatists normally use the weight of this mark as determined in 1799, i.e. 230·0465 grams. The bill of fineness ( ley in spanish ) for aureate was 24 quilates ( carats ), each of 4 granos ( grains ) ; the measure for silver was 12 dineros, each of 24 granos. [ 6 ]

Standard Reference Coins Minted in Spanish America
according to the legal definition
coin # per
weight g millesimal
fine metal
Silver coin
1497–1728 standard
real 67 11d 4gr 3·433 ·9305 3·195 g
peso 8⅜     11d 4gr 27·468 ·9305 25·561 g
1728–1772 standard
real 68 11d 0gr 3·383 ·9166 3·101 g
peso 11d 0gr 27·064 ·9166 24·809 g
1772–1786 standard
real 68 10d 20gr   3·383 ·9028 3·054 g
peso 10d 20gr 27·064 ·9028 24·433 g
1786–1821 standard
real 68 10d 18gr 3·383 ·8958 3·031 g
peso 10d 18gr 27·064 ·8958 24·245 g
Gold Coin
1536–1772 standard
escudo     68 22q 3·383 ·9166 3,101·117 mg
onza 22q 27·064 ·9166 24,808·936 mg
1772–1786 standard
escudo 68 21q 2·5gr 3·383 ·9010 3,048·257 mg
onza 21q 2·5gr 27·064 ·9010 24,386·057 mg
1786–1821 standard
escudo 68 21q 3·383 ·875 2,960·157 mg
onza 21q 27·064 ·875 23,681·257 mg

Mints [edit ]

The four early, permanent mints in the Indies were :
early ephemeral mints were five :
later permanent mints were three :

[ 7 ]

References [edit ]

other references consulted [edit ]

  • Standard Catalog of World Coins: Spain, Portugal and The New World, by Krause-Mishler (2002) (Contributor: Daniel Frank Sedwick )
  • Calbetó de Grau, Gabriel. 1970. Compendio de las Piezas de Ocho Reales. 2 volumes/tomos. San Juan, Puerto Rico: Ediciones Juan Ponce de León.
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