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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. Unlike silver, the gold coins show the king's portrait obverse. A second illegal debasement of the cob coinage in the Viceroyalty of Peru in 1631–1648 was a major scandal.
At the same time, he banned gold and silver as currency, which led to the decreasing importance of these two precious metals. Baochao was abolished as a currency in 1425. In addition, Ming did not have enough money to make copper coins, which was the first currency in the first dynasty. Therefore, copper coin making was banned in the early ...
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 ...
The first escudo was a gold coin introduced in 1535/1537, with coins denominated in escudos issued until 1833. It was initially worth 16 reales . When different reales were introduced, the escudo became worth 16 reales de plata in 1642, then 16 reales de plata fuerte or 40 reales de vellón from 1737.
The flow of precious metals made many traders wealthy, both in Spain and abroad. As a result of the discovery of precious metals in Spanish America, Spain's money supply increased tenfold. [16] The increase in gold and silver on the Iberian market caused high inflation in the 17th century, affecting the Spanish economy. [17]
In order to remedy this damage in the monetary situation, Queen Isabella II issued a decree in 1857 ordering the founding of the Casa de Moneda de Manila in the Philippines in order to coin gold 1-, 2- and 4-peso coins according to Spanish standards (the 4-peso coin being 6.766 grams (0.2387 oz) of 0.875 gold).
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 ...
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".