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Spanish real
The real (English: /reɪ.ˈɑːl/, ray-AHL; Spanish: /re,ˈal/, meaning: "royal"; plural reales) was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throughout its lifetime until it was replaced by the peseta in 1868. The most common denomination for the currency was the silver eight-real Spanish dollar (real de a ocho), or peso, which was used throughout Europe, America and Asia during the height of the Spanish Empire.
The first real was introduced by King Pedro I of Castile in the mid 14th century, with 66 minted from a Castilian mark of silver (230.0465 grams) in a fineness of 134⁄144 (0.9306), and valued of three maravedíes. It circulated beside various other silver coins until a 1497 ordinance eliminated all other coins and retained the real (now minted 67 to a mark of silver, 0.9306 fine, fine silver of 3.195 grams) subdivided into 34 maravedíes.
The silver real was minted in half-, one-, two-, four- and eight-real denominations. After the discovery of silver in Mexico, Peru and Bolivia in the 16th century, the eight-real coin (referred to since then as a dollar, peso or piece of eight) became an internationally recognized trade coin in Europe, Asia and North America and were known variously as pesos, duros, diuros fuertes, thalers, dollars, and piastres. These reales were supplemented by the gold escudo, minted 68 to a mark of 11⁄12 fine gold (3.101 g fine gold), and valued at 15–16 silver reales or approximately two dollars.
This real, worth 1⁄8 dollar, was retained in Latin America until the 19th century but was altered considerably in peninsular Spain beginning in the 17th century. This Spanish colonial real was subsequently referred to as moneda nacional ("national money") and underwent two more changes:
The various financial crises under King Philip II gave rise starting in 1600 to the real de vellón (made of billon, or less than half silver). The relative autonomy of Spain's constituent kingdoms resulted in reales of varying silver content and worth considerably less than the real nacional, worth 1⁄8 of a dollar. The monetary confusion would not be resolved until the real de vellón was fixed at 20 reales to the dollar in 1737.
The first ordinance officially devaluing the Spanish non-colonial real came out in 1642, with the real provincial debased from 67 to 83+3⁄4 to a mark of silver (hence, ten reales to the dollar). Actual coins worth a half, one, two, four and eight reales provincial (the latter worth 4⁄5 of a dollar and called peso maria) were minted in 1686 and were poorly received by the public.
The same 1686 recoinage came with edicts in 1686–1687 fixing the real de vellón at one dollar = 15+2⁄34 reales or 512 maravedíes (or 1 dollar = 8 reales nacionales, worth 64 maravedíes). The ineffectiveness of these edicts meant that existing reales de vellón were worth even less than 15+2⁄34 of a dollar (0.0664 dollars).
The confusion to the monetary situation would not be resolved until 1737 in various stages, namely:
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Spanish real
The real (English: /reɪ.ˈɑːl/, ray-AHL; Spanish: /re,ˈal/, meaning: "royal"; plural reales) was a unit of currency in Spain for several centuries after the mid-14th century. It underwent several changes in value relative to other units throughout its lifetime until it was replaced by the peseta in 1868. The most common denomination for the currency was the silver eight-real Spanish dollar (real de a ocho), or peso, which was used throughout Europe, America and Asia during the height of the Spanish Empire.
The first real was introduced by King Pedro I of Castile in the mid 14th century, with 66 minted from a Castilian mark of silver (230.0465 grams) in a fineness of 134⁄144 (0.9306), and valued of three maravedíes. It circulated beside various other silver coins until a 1497 ordinance eliminated all other coins and retained the real (now minted 67 to a mark of silver, 0.9306 fine, fine silver of 3.195 grams) subdivided into 34 maravedíes.
The silver real was minted in half-, one-, two-, four- and eight-real denominations. After the discovery of silver in Mexico, Peru and Bolivia in the 16th century, the eight-real coin (referred to since then as a dollar, peso or piece of eight) became an internationally recognized trade coin in Europe, Asia and North America and were known variously as pesos, duros, diuros fuertes, thalers, dollars, and piastres. These reales were supplemented by the gold escudo, minted 68 to a mark of 11⁄12 fine gold (3.101 g fine gold), and valued at 15–16 silver reales or approximately two dollars.
This real, worth 1⁄8 dollar, was retained in Latin America until the 19th century but was altered considerably in peninsular Spain beginning in the 17th century. This Spanish colonial real was subsequently referred to as moneda nacional ("national money") and underwent two more changes:
The various financial crises under King Philip II gave rise starting in 1600 to the real de vellón (made of billon, or less than half silver). The relative autonomy of Spain's constituent kingdoms resulted in reales of varying silver content and worth considerably less than the real nacional, worth 1⁄8 of a dollar. The monetary confusion would not be resolved until the real de vellón was fixed at 20 reales to the dollar in 1737.
The first ordinance officially devaluing the Spanish non-colonial real came out in 1642, with the real provincial debased from 67 to 83+3⁄4 to a mark of silver (hence, ten reales to the dollar). Actual coins worth a half, one, two, four and eight reales provincial (the latter worth 4⁄5 of a dollar and called peso maria) were minted in 1686 and were poorly received by the public.
The same 1686 recoinage came with edicts in 1686–1687 fixing the real de vellón at one dollar = 15+2⁄34 reales or 512 maravedíes (or 1 dollar = 8 reales nacionales, worth 64 maravedíes). The ineffectiveness of these edicts meant that existing reales de vellón were worth even less than 15+2⁄34 of a dollar (0.0664 dollars).
The confusion to the monetary situation would not be resolved until 1737 in various stages, namely: