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Silver coins of the 1572 type were minted with PHILIPVS IV and a 1/2-real cob was added to the usual 1, 2, 4, and 8-real denominations. There were major gold deposits in Colombia; a mint opened at Santa Fe de Bogotá in 1620, and it produced the first gold coins (cobs) in Spanish America in 1622.
By far the leading specie coin circulating in America was the Spanish silver dollar, defined as consisting of 387 grains of pure silver. The dollar was divided into "pieces of eight," or "bits," each consisting of one-eighth of a dollar. Spanish dollars came into the North American colonies through lucrative trade with the West Indies.
The 8 reales coin is the predecessor to the American dollar. Before the United States Mint was in production, columnarios circulated, along with other coinage, in the US colonies, as legal tender until the middle of the 19th century. Prior to the columnario, Spanish coins were hammer struck. These rather crude looking coins were called cobs ...
Coins were minted in both Spain and Latin America from the 16th to 19th centuries in silver 1 ⁄ 2, 1, 2, 4 and 8 reales nacionales and in gold 1 ⁄ 2, 1, 2, 4 and 8 escudos. The silver 8-real coin was known as the Spanish dollar (as the coin was minted to the specifications of the thaler of the Holy Roman Empire and Habsburg monarchy ), peso ...
Macuquinas ("Cobs") are the original "treasure coins.". The urgent need for coins in Latin America since the beginning of the 16th century motivated the opening of mints such as the Mexican Mint, founded in 1536 by the first Viceroy Antonio de Mendoza y Pacheco; the Lima Mint in 1565 ordered by the provisional governor Lope García de Castro and the Royal Mint of Potosí, all before the year ...
Spanish American gold coins were minted in one-half, one, two, four, and eight escudo denominations, with each escudo worth around two Spanish dollars or $2. The two-escudo (or $4 coin) was the "doubloon" or "pistole", and the large eight-escudo (or $16) was a "quadruple pistole".
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