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The maravedí (Spanish pronunciation: [maɾaβeˈði]) or maravedi (Portuguese pronunciation: [mɐɾɐvɨˈði]), deriving from the Almoravid dinar (Arabic: المرابطي, romanized: al-murābiṭī), was the name of various Iberian coins of gold and then silver between the 11th and 14th centuries, and the name of different Iberian accounting units between the 11th and 19th centuries.

Etymology

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Look up maravedí in Wiktionary, the free dictionary.

The word maravedí comes from marabet or marabotin, a variety of the gold dinar struck in al-Andalus by, and named after, the Almoravid dynasty (Arabic: المرابطون, romanized: al-Murābitūn sing. مرابط Murābit). The Spanish word maravedí is unusual in having three documented plural forms: maravedís, maravedíes and maravedises. The first one is the most straightforward, the second is a variant plural formation found commonly in words ending with a stressed -í, whereas the third is the most unusual and the least recommended (Royal Spanish Academy's Diccionario panhispánico de dudas labels it "vulgar in appearance"[1]).

Minting

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During the Middle Ages, the maravedí was minted in various denominations and materials, with silver being the most common. Initially, the maravedí was a gold coin, primarily minted during the reigns of Alfonso X of Castile and his successors.[2]

History

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obverse of 4 Maravedies

The gold dinar was first struck in Iberia under Abd-ar-Rahman III, Emir of Córdoba (912–961). During the 11th century, the dinar became known as the morabit, morabotin or morabetino throughout Europe. In the 12th century, it was copied by the Christian rulers Sancho I of Portugal (1154–1211),[3][4] Ferdinand II of León (1157–1188) and Alfonso VIII of Castile (1158–1214). The new version of the coin became known as the morabitino in the Kingdom of Portugal[3][4] and as maravedí in the remaining Iberian Kingdoms. Alfonso's gold marabotin or maravedí retained inscriptions in Arabic but had the letters ALF at the bottom. It weighed about 3.8 grams.

In Castile, the maravedí de oro soon became the accounting unit for gold, alongside the sueldo (from solidus) for silver and the dinero (from [denarius]) for billon (vellón in Spanish).

Gold Maravedies issued in Toledo by Alfonso VIII of Castile, 1191

The gold content of the maravedí fell to a gram during the reign of James I of Aragon (1213–1276), and it kept falling, eventually becoming a silver coin under Alfonso X of Castile (1252–1284). By this time the word maravedí was being used for a specific coin officially, for any coin colloquially, and as a synonym for money itself, resulting in a certain confusion in interpreting 13th-century references to money, values, and coinage.

Morabitino coins issued by Sancho I of Portugal

Alfonso X, for example, made three issues of billon, in each of which the new coin was called a maravedí. His basic silver coin of 1258–1271 was also called a maravedí (maravedí de plata). It weighed 6.00 g and contained 3.67 g of fine silver. It was worth 30 dineros. At that time, the money of account was the Maravedí of 15 Sueldos or 180 Dineros, so that one maravedí as an accounting unit was worth six silver maravedí coins.

The silver maravedí money of account represented (according to one interpretation) about 22 g of silver in 1258. This had fallen to 11 g by 1271, to 3 g by 1286, and to 1.91 g in 1303. The gold maravedí had disappeared as a money of account by 1300. The maravedí de plata (silver maravedí) gradually came to be used as money of account for larger sums, for the value of gold coins, and for the mint price of silver, and eventually it supplanted the sueldo as the main accounting unit. Alfonso XI (1312–1350) did not call any of his coins a maravedí, and henceforth the term was used only as a unit of account and not as the name of a coin.

In 1537 it became the smallest Spanish unit of account, the thirty-fourth part of a real. In the new world, nonetheless, there are documents which testify to the reduction of their value to less than the thirtieth part of a real. This reduction was on account of the cost and risk of their transportation from Spain, before the establishment of the first mint houses of Mexico and Santo Domingo. The maravedí remained a money of account in Spain until 1847. [citation needed]

After Spain's discovery of the Americas, copper maravedís, along with silver reales, were the first coins struck in Spain for the purpose of circulation in the New World colonies. These coins, minted with a special design for specific use of the Americas, were first coined in Seville in 1505 for shipment to the colonial island of Hispaniola the following year, thus giving these coins their distinction as the first coins for the New World. By 1531 these coins were still being minted, by now in both Seville and Burgos. These maravedís were used as Spanish Colonial change for smaller transactions and after mints were later established in the New World, in both Mexico (ordered in 1535, production began in 1536) and Santo Domingo (ordered in 1536, production began in 1542), coins of this type were also minted there. [citation needed]

The Fernando VII maravedí from 1830.

See also

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Rare references

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Notes

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

Maravedí

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from Grokipedia
The maravedí was a historical unit of currency and coin in , circulating from the late until the mid-19th century as the smallest denomination in the Castilian . Originating as a that imitated the Almoravid , it derived its name from morabetí, referring to the of North African origin that ruled parts of Muslim in the . Over time, the maravedí evolved from a coinage into silver, billon (a silver-copper alloy), and eventually copper varieties, serving everyday transactions for common people while higher-value gold and silver coins handled . The first maravedíes were minted in gold under King (r. 1158–1214) in Toledo around 1199 (Safar Era 1237), featuring Arabic inscriptions alongside Christian symbols such as a and the initials "ALF" for Alfonso, reflecting the cultural blending in medieval Iberia after the Christian reconquest of Muslim territories. This imitation of Islamic dinars addressed the scarcity of circulating Hispano-Islamic coins as Almoravid influence waned, marking a shift toward Christian in coin design while retaining Islamic weight standards of approximately 3.5–4 grams. By the 13th century, under Alfonso X (r. 1252–1284), the maravedí transitioned to silver forms, such as the maravedises de la guerra (1.35–1.40 grams at 92.67% purity), minted in and to unify coinage across Castile and newly conquered Andalusian regions like . In the 16th and 17th centuries, amid economic crises and Habsburg rule, the maravedí was reintroduced as a low-value billon , exemplified by the eight-maravedí piece of Philip III (r. 1598–1621) minted in in 1604, which fueled social unrest through repeated devaluations and forced recoinages until in 1716 stabilized the system. It persisted as coinage into the , with multiples like 2, 4, and 8 maravedíes, and was widely used in Spanish colonies, including as Jamaica's earliest circulating currency brought from . The maravedí's long lifespan underscores its role in Spain's monetary evolution, from medieval imitation to a symbol of imperial economic challenges, before its discontinuation around 1848 with the adoption of the decimal-based peseta.

Etymology and Origins

Etymology

The term maravedí originates from the murābiṭīn, the plural form of murābiṭ, meaning "those bound together" or "holy warriors," referring to the members of the (al-Murābiṭūn), a Berber Muslim confederation that dominated and from the late 11th century onward. This etymology reflects the dynasty's religious and military character, as murābiṭ denoted inhabitants of fortified ribāṭs (monastery-forts) dedicated to . The Almoravids' gold dinars, introduced to Iberia around 1086 following their conquest of al-Andalus, were among the first coins to bear this association, marking the term's initial link to high-value Islamic currency. In the of the , the Arabic term evolved phonetically during the 12th century, adapting to local vernaculars amid cultural and economic exchanges between Christian kingdoms and Muslim territories. In , it became maravedi, retaining a similar form and usage in medieval texts from the Kingdom of . In , it solidified as maravedí (or variants like moravedí), entering widespread use as Christian rulers began imitating Almoravid coinage designs while adopting the name for their own emissions. Earliest textual references to maravedí appear in late 11th- and early 12th-century Iberian documents, often in the context of , tributes (parias), or payments involving Almoravid dinars circulating in Christian realms like León and Castile. These mentions, such as in charters recording monetary transactions, illustrate the term's rapid integration into the multilingual economic lexicon of medieval Iberia before its application to indigenous coin types.

Introduction in Iberia

The maravedí emerged in the during the late 12th century as a issued by , for example around 1199 (Safar Era 1237), imitating the weight, design, and Arabic inscriptions of the North African Almoravid to facilitate economic integration amid the . This innovation addressed the shortage of high-value currency following the decline of and the waning Almoravid dominance, allowing Castile to produce a stable medium that leveraged the established prestige of Islamic gold coinage. The coin's obverse typically featured proclaiming Alfonso as "the most glorious king," blended with Christian symbols like a , marking an early hybrid form that bridged cultural divides. In the context of the , the maravedí played a pivotal role in transitioning from predominantly Islamic coinage systems to Christian-dominated ones, particularly after the Almoravid invasions of the late had flooded the with their dinars, influencing and payments. By adopting the Almoravid model, Christian rulers like Alfonso VIII asserted economic while maintaining compatibility with existing monetary networks, enabling smoother exchanges in frontier regions recently reconquered, such as Toledo. This adaptation reflected the broader cultural interplay, where Christian mints appropriated Islamic aesthetics to legitimize their currency in a diverse economic landscape. Initially serving as both a physical and an emerging , the maravedí facilitated trade between Muslim and Christian territories by standardizing value equivalents to the , which was widely accepted for high-value transactions like parias (tributes) and commerce in goods such as textiles and spices. Its dual functionality helped stabilize exchanges during periods of military conflict, promoting economic resilience in the Iberian frontier zones. The name "maravedí" itself derives from "morabetí," referring to the Almoravids, underscoring its roots in North African monetary traditions.

Coin Variants and Materials

Gold Maravedíes

The gold maravedí, initially termed the morabetino, emerged in the late 12th century under (r. 1158–1214) as a direct imitation of the Almoravid , addressing the shortage of circulating in Christian Iberia following the decline of Almoravid influence. These early coins adhered closely to Islamic prototypes in form and weight standard, serving as high-value pieces for trade and royal payments. Production involved hammered striking techniques on planchets cut to precise dimensions, ensuring consistency in a period when supply relied on trans-Saharan imports. Specifications for these gold maravedíes typically included a weight of approximately 3.5–4 grams, a of 87–92% pure (equivalent to 21–22 carats), and a ranging from 20–26 mm, though variations occurred due to manual production methods. The obverse often bore a central or geometric motif, while the reverse featured adapted for Christian use. This design reflected a deliberate cultural synthesis, maintaining the dinar's aesthetic to facilitate acceptance in Muslim-dominated trade networks while asserting royal authority. Iconography evolved from purely Arabic inscriptions—correctly formed Kufic script proclaiming Islamic weight standards—to hybrid forms incorporating Christian symbols under Alfonso VIII, such as Latin initials "ALF" for the king and references to papal authority within the Arabic text. By the early 13th century, under (r. 1188–1230), designs shifted toward fuller , featuring the king's bust, heraldic lions, and partial Latin legends alongside residual elements. This progression symbolized the increasing confidence of Christian monarchs in asserting sovereignty over monetary production. Prominent examples include the morabetino of Alfonso VIII, struck in Toledo circa 1199 (Safar era 1237), which exemplifies the initial imitative style with a cross-potent and Arabic-Christian inscriptions on both sides. Another key specimen is the gold maravedí of Alfonso IX, minted in León circa 1220s, notable for its introduction of the royal bust and lion emblem, marking a transitional phase in iconographic independence.

Silver, Billon, and Copper Maravedíes

The silver maravedí emerged in the 13th century under (r. 1252–1284), transitioning from the currency's earlier gold forms to facilitate broader circulation in a silver-based . Early examples, such as the maravedises de la guerra, weighed 1.35–1.40 grams with 92.67% purity and were minted in and . These coins generally weighed 1 to 2 grams and featured high initial fineness, though progressive debasements reduced the silver content to around 50% by the amid economic pressures and shortages. By the mid-15th century, under , the maravedí evolved into billon variants, consisting of debased alloys blending silver and to stretch limited supplies. These billon coins, often weighing about 2.4 grams, served as low-value denominations equivalent to 1/20 real, enabling everyday transactions despite their reduced intrinsic worth. Copper maravedíes became prevalent from the onward, particularly under Philip II, replacing billon for small-scale commerce due to the abundance of the and the need for inexpensive . Weighing between 2 and 10 grams depending on denomination, these coins circulated widely for minor exchanges and persisted into the ; a notable example is the 8 maravedíes issued during II's reign from 1836 to 1858, composed of pure for durability in daily use. Common multiples included 2, 4, 8, and 20 maravedíes, allowing flexibility in valuation while maintaining the unit's role in the monetary system.

Minting Practices

Production Techniques

The production of maravedí coins evolved significantly from the medieval period onward, beginning with manual hammering techniques for the earliest issues. In the 11th to 13th centuries, maravedíes—imitating Almoravid dinars—were created by cutting blanks from sheets or bars and striking them between two engraved dies using a , a method common across medieval European mints including those in Iberia. This hammering produced irregular, hand-struck coins with variable shapes and edges, often susceptible to wear. Hammered techniques persisted into the 16th and 17th centuries for many billon and issues. Mechanized production began in the late at the mint, established in 1583 with water-powered roller mills and presses, initially for silver but later extending to for more uniform blanks and strikes. Weight and fineness standards for maravedí coins were regulated through royal ordinances to maintain monetary stability, with specifications varying by metal and era. For instance, under Pedro I of Castile (r. 1350–1369), silver-based issues like the real—equivalent to three silver maravedíes—were minted at a fineness of approximately 93.1% silver from a Castilian mark of 230.0465 grams, yielding 66 pieces per mark. Later debasements adjusted these ratios; by the 16th century, billon maravedíes incorporated lower silver content, such as through the 1566 ordinance under Philip II that debased the fineness of vellón coins including half-maravedíes (blancas) to address fiscal pressures while retaining alloy standards. These regulations typically prescribed weights around 3.4 grams for silver pieces and enforced alloy compositions through mandated proportions of base metals like copper. Quality control measures were essential to deter clipping, filing, and , which threatened integrity. Assays—chemical tests to verify metal purity—were routinely conducted at mints on sample batches, ensuring compliance with standards before release. Countermarks, small stamped symbols or numerals applied to existing coins, served to validate authenticity, revalue debased issues, or confirm weight after circulation; for example, 17th-century maravedíes often bore crowned or numeric countermarks to counteract clipping by indicating adjusted denominations. These practices, combined with edge designs in later milled coins, helped mitigate across , silver, and variants.

Mint Locations and Authorities

The production of the maravedí was primarily managed by royal authorities in Castile, where mint masters were appointed directly by the kings to oversee operations and enforce standards of weight and . Under Alfonso X (r. 1252–1284), significant reforms standardized the coinage system, including the introduction of new silver denominations to address wartime needs and , consolidating royal control over minting activities. Key mint locations included Toledo, which served as the primary facility from the 12th century onward, producing early gold maravedíes under Alfonso VIII (r. 1158–1214) that imitated Almoravid designs while incorporating . Seville emerged as a major mint in the 13th century, issuing silver and billon variants during Alfonso X's reign to support expanding trade and military campaigns. In the 16th–18th centuries, —established in 1583 by Philip II as Spain's first mechanized mint—and , founded in 1568, became central hubs under Habsburg oversight, with production centralized through the Casa de la Moneda to streamline output and quality control across the empire. Portuguese variants of the maravedí, influenced by Castilian models, were minted at the facility starting in the 12th century under Afonso I (r. 1139–1185), who initiated gold issues copied from Almoravid dinars to assert sovereignty after the Moorish expulsion. Decentralized production occurred during conflicts, with temporary mints set up to finance operations; for instance, following the conquest of in 1266 facilitated by on behalf of , a short-lived Castilian facility there struck silver maravedises de la guerra (1263–1270) to support and .

Historical Evolution

Medieval Period (11th–15th Centuries)

The maravedí originated as a gold coin in the Iberian Peninsula during the 11th and 12th centuries, imitating the Almoravid dinar from North Africa, and was first minted in Castile under Alfonso VIII around 1199 to facilitate trade amid the Reconquista. Its adoption in the kingdoms of León-Castile and Aragon increased with territorial expansion and commercial growth in the 13th century, positioning the maravedí as a prominent trade coin. Early issues retained Arabic inscriptions and designs, reflecting the cultural and economic interplay during this period of territorial consolidation. In the 13th and 14th centuries, the maravedí underwent standardization efforts under (r. 1252–1284), who issued a 1258 ordinance establishing the silver real while defining the maravedí as a equivalent to 10 sueldos, aiming to unify disparate local currencies and support royal finances during expansion into . This reform introduced billon (silver-copper alloy) variants to increase circulation, though subsequent debasements occurred amid economic strains, including the (1348–1350), which caused labor shortages, inflation, and reduced silver supply, prompting kings like Peter I (r. 1350–1369) to lower metal content in issues to maintain mint output. These measures, while temporarily alleviating fiscal pressures from wars and plagues, eroded public trust in the currency's stability. By the , under the Catholic Monarchs and (r. 1474–1504), the maravedí saw widespread silver-based issues that integrated it into a more unified Spanish monetary framework following the completion of the in 1492. These coins, often in billon with higher silver proportions than prior debased versions, supported administrative centralization and economic recovery, with mints in key cities producing denominations to standardize payments across the realms. The reforms emphasized royal oversight, reducing feudal minting privileges and aligning the maravedí with emerging national policies.

Early Modern Period (16th–18th Centuries)

In the , the maravedí underwent significant evolution amid Spain's imperial expansion and the influx of precious metals from the . The 1497 monetary reform under the Catholic Monarchs had established the maravedí as the base , with 1 gold excelente valued at 375 maravedís, providing a stable link between copper-based small change and higher-value gold coins aligned with European standards. Under Charles V and Philip II, the arrival of vast quantities of silver fueled the , prompting the proliferation of copper maravedíes to facilitate everyday transactions as silver coins were hoarded or exported. In 1597, Philip II introduced billon maravedíes with minimal silver content (0.34% , weighing about 1.576 grams), marking a shift toward base-metal coinage that intensified in the late century to meet rising demand for petty currency. The 17th century brought severe challenges to the maravedí due to ongoing wars and fiscal pressures, leading to repeated debasements of vellón (copper-alloy) coinage. Spain's involvement in the (1618–1648) exacerbated , as the crown minted excessive quantities of debased vellón to military efforts, causing the maravedí's intrinsic value to plummet. By the 1620s, the agio on silver had reached 4%, requiring about 35 vellón maravedís to equal 1 silver real, a decline from the standard of 34 maravedís per real; this ratio worsened significantly later in the century and reflecting the growing premium on silver coinage (reaching 4% in 1620 and escalating thereafter). These measures, building on earlier medieval debasements during times of fiscal strain, contributed to a broader economic , with vellón pushing consumer prices up nearly fivefold from the early baseline. In the , the Bourbon dynasty initiated reforms to stabilize the currency and modernize the . Under Philip V, the 1728 monetary ordinance devalued silver and coins while efforts to stabilize base-metal coinage continued, partially replacing traditional maravedíes with reales de vellón (debased silver-alloy coins) for mid-level transactions, while lowering the of silver reales to 11 dineros (91.67% pure) and adjusting production rates to 67 reales per mark of silver, thereby integrating the maravedí into a more unified imperial system.

Economic Role and Value

As a Unit of Account

The maravedí emerged as a persistent in the Castilian monetary system from the , functioning as an abstract standard in ledgers to value transactions independently of circulating coins. By the mid-14th century, following the cessation of its minting as a physical , it solidified as a reference for economic calculations, with equivalences such as 1 maravedí equaling 10 dineros under Enrique II of Castile. This role was formalized in the late , when the Catholic Monarchs' 1497 ordinance established the bimetallic system with 1 real de plata valued at 34 maravedís, defining the maravedí as a fractional unit tied to silver content without requiring its own coinage. In practice, the maravedí facilitated everyday economic activities by providing a stable denominator for valuation amid coin shortages. It appeared routinely in contracts, where payments were denominated in maravedís alongside specifications for acceptable types to account for market premiums of 2–5%; in assessments, serving as the baseline for fiscal revenues and indirect levies on ; and in determinations, enabling compensation for laborers and ordinary transactions despite fluctuating physical availability. For instance, rents and obligations in medieval Castile were often quoted in maravedís to maintain clarity and enforceability. The maravedí's abstract nature ensured its longevity as a benchmark, outlasting its production as billon or coins and remaining embedded in legal and documents until the mid-19th century. Even as monetary reforms under the Bourbons in unified higher denominations, the unit persisted for small-scale valuations, underscoring its foundational role in Spanish economic continuity.

Relations to Other Currencies

The maravedí served as a foundational unit in the Spanish monetary system, particularly in its relation to the real, a silver coin introduced in the late medieval period. From 1497, following monetary reforms under the Catholic Monarchs, one real was officially valued at 34 maravedíes, establishing a standard equivalence that facilitated accounting and trade across Castile and Aragon. This ratio persisted into the early modern era, with the peso—comprising eight reales—equating to 272 maravedíes, underscoring the maravedí's role in scaling larger denominations. Under Philip II, the gold , a key coin for international transactions, was fixed at 425 maravedíes per , reflecting adjustments to align with fiscal needs amid Habsburg expansions. This valuation integrated the into the maravedí-based system, where 16 reales equaled one nominally, though practical exchanges often varied slightly due to metal content. In , a parallel maravedí unit emerged in the medieval period, sharing etymological and functional ties to its Iberian counterpart as a small-value coinage derived from Almoravid influences. The Portuguese gold cruzado, introduced in the , was valued comparably to the in the maravedí system during the (1580–1640), enabling seamless colonial trade between the two realms. This equivalence supported joint ventures in Asian and American markets, where Portuguese cruzados circulated alongside Spanish maravedí-denominated bills of exchange. Internationally, the maravedí's origins traced to the Almoravid , with early gold maravedíes struck by around 1191 directly imitating the dinar's weight and design, rendering them equivalent in value and facilitating cross-cultural exchanges in the . By the , maravedí valuations extended to colonial currencies, particularly in , where Mexican-minted reales maintained the 34 maravedíes per real standard until adjustments in the late colonial period, influencing the peso's global role as a medium. This linkage tied Iberian units to American silver production, with one peso of eight reales consistently accounting at 272 maravedíes in official ledgers.

References

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