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THE MINTS AND COINAGE OF THE SPANISH-AMERICAN COLONIES.

To the silver coinage of the Spanish-American mints, and later to the Mexican silver Dollar, justly belongs the title and distinction of international coinage an importance that has marked comparatively few issues in the history of the world. But while other coinages as a rule acquired an international character through the extensive commercial relations of the issuing State, the Spanish-American and Mexican silver was rather drawn into that position because it was ready in abundant supply for the use of countries which had not yet been able to provide themselves with a sufficient currency, and for employment in commerce with the backward nations of the Orient. In our own country the "Spanish Pillar Dollar" and the "Spanish Milled Dollar," also widely known as the "Piece of Eight," early became the legal monetary unit for some if not for all the several colonies and later for the States (1783–1789).

Enormous issues of paper currency authorized by the Congress from 1775 to 1779 read payable in "Spanish Milled Dollars;" while ground leases dating from even later periods of the country's history, and still, or until recently, in force, were often drawn in the same monetary terms. In the domestic trade of the United States until 1857 Mexican coins were in general use, the Real and Medio real circulating under the popular names of the Levy and the Fippeny Bit. And in the commerce of the Orient, as is well known, the Mexican Peso early became, and has since continued to be, the standard unit of values; and Mexican silver forms the chief part of the medium of exchange in that commerce.

It is this international character of these coinages which gives them a much greater importance to students of history or economics than would be warranted by the political and commercial history of the issuing countries, at least in the last century.

In 1542 the Spanish colonies in America were formed into two viceroyalties, one in North America with Mexico as its capital city, the other in South America, of which Lima was the capital. In 1739 a third viceroyalty, that of New Granada, was created; and a short-lived fourth one was erected in 1776 with Buenos Aires as its capital city. In each of these viceroyalties a mint was established at an early date, and in some of them a second and a third mint became necessary because of the extensive production of the precious metals and the remoteness of mining centers from existing mints. The issues of the different American mints were, with occasional and unimportant exceptions, alike in respect to types and standard, and in the main constitute a single series, with a variety of mintmarks.

The first of the mints to be established in America was at the City of Mexico, in the reign of Charles I (Charles V of the Empire) by decree dated May 11, 1535. This mint was for the coinage of silver only, and the denominations first issued were the Peso, or "Piece of Eight," and its divisions, the Toston (4 Reales), 3 Reales, Peseta (2 Reales), the Real, Medio real (Half-real), and the Cuartino (Quarter-real). Of these denominations the 3 Real piece was soon discontinued, because of its frequent confusion with the Toston, from which it differed but slightly in size.

In 1542 the viceroy, Antonio de Mendoza, made a futile effort to establish a coinage of copper in Mexico, for the large issue of four and two Maravedi pieces was so ill-received that further coinage of that metal was not attempted.

In the viceroyalty in South America the first mint was established at the capital city of Lima by Philip III (1598-1621); and by Philip IV a second and more important coinage establishment was opened at Potosi, in Bolivia, in 1650. The important mint at Santa Fe de Bogota soon followed in the reign of Charles II (1665-1700) in what afterwards became the viceroyalty of New Granada, and by Philip V (1701-1724-1746) the first mint in Central America was erected at Guatemala.

In 1675 the American mints were accorded the right to coin gold. The denominations of the gold series were the Onza, called also the "Doubloon," of eight escudos, the Media onza, of four escudos, the Cuarta de onza, the Escudo, and the Medio escudo or gold Peso; and all these denominations were struck at some of the mints in the first year that the coinage of gold was authorized.

The large production of the precious metals in the American colonies kept the Spanish mints very active, an activity that was doubtless considerably stimulated by legal restrictions on the exportation of gold and silver bullion, for this restriction made it necessary to coin the metal in order to dispose of it in the channels of trade. Soon after the accession of Ferdinand VII to the throne of Spain the revolting Spanish colonies one by one achieved their independence, and any further notice of the history of their coinage deals with that of the various Republics then founded.

The history of the types of Spanish coinage in Mexico falls into four periods. The first issues have for obverse type a crowned shield of arms— the arms of Leon, Castile, and Granada-and for the reverse two crowned pillars-the Pillars of Hercules-emerging from the sea; and across the field, the legend, PLVS VLTRA, with a figure between the pillars to indicate the value (Pl. X, No. 1). In the second period, the types as well as the standard are the same as those of the coins of Spain, in accordance with a decree of Philip II, dated May 10, 1570. These types were the crowned shield of arms and the cross; and the American coins of that period are distinguished from the Spanish coins of Europe only by the additional ET INDIARVM in the title of the king, and by the mint-mark (Pl. X, No. 2). However, the gold coinage of Charles II at the Mexican mint did not conform to the decree, but was issued with the old types of the Pillars of Hercules. Another change in the types took place in 1732, when in accordance with a decree of Philip V, issued in 1728, the cross

on the reverse was supplanted by a type composed of two hemispheres crowned, above the sea, and flanked by the two crowned Pillars of Hercules. To the Peso of this type was transferred the popular name of "Pillar Dollar," which had originated with the first issue above noted. Finally, on September 15, 1759, a decree was issued requiring the coins of the Spanish-American colonies to bear, for obverse type, the bust of the King, and although patterns for the new type of coins were approved in 1761, yet it was not until 1772 that the first coins presenting the effigy of Charles III appeared. The type of the reverse for this period was the familiar one composed of a crowned shield of the arms of Castile, Leon, and Granada between the Pillars of Hercules.

In addition to the series of coins regularly issued by the Spanish-American mints, a large number of commemorative pieces are of the greatest interest. The events most frequently commemorated by these special issues were the accessions of the Spanish monarchs; and the proclamation coins issued, not only by the mints in the name of the State, but also, and even more important, those issued by cities and cathedrals, form a considerable series in all the denominations in silver. After the Spanish domination had come to an end and independent Republics had succeeded, the issuing of commemorative coins, and coins that were memorials to distinguished generals or civil magistrates, became even more frequent. The series of coins, by thus adding a certain medallic character, possess thereby a greatly enhanced historical interest and importance.

The standard of the colonial coinage of Spain was the same as that of the mother country; and while there is considerable variation from the normal in a large percentage of the pieces, it is approximately as follows: Gold, before 1772, 22 carats or 917 thousandths fine; 1772-1785, 21 carats or 896 thousandths fine; and after 1785, 21 carats or 875 thousandths fine. The weight of the Onza or Doubloon remained 418 grains throughout.

Silver, before 1772, 11 dineros or 917 thousandths fine, and after 1772, 10 dineros 20 granos or 903 thousandths fine. The weight of the Peso was, normally, 412 grains both in the earlier and later periods.

MEXICO UNDER SPAIN.

CITY OF MEXICO.

Charles I and his mother Joanna, A. D. 1521–1556.

SILVER.

1. Toston, undated. Obv. CAROLUS: ET: IOHANA: REGES. A crowned shield of the arms of Leon and Castile, quarterly, with a pomegranate on the base; at sides, L. M. Rev. HISPANIARVM: ET: INDIARVM. Two crowned pillars, standing in the sea; across the PLV SVL - TRA. 31 mm.; 186.5 grs. Pl. X, 1.

field,

4.

2. Toston, undated. Similar to No. 1, but with O at left of the shield, on obverse. 34 mm.; 186.5 grs.

3. Toston, undated. Similar to No. 1, but with G at the left of the shield on obverse. 33 mm.; 188 grs.

4. Real, undated. Obv. CAROLVS: ET: IO HANA: REGES. Arms as No. 1; at sides, G. M. Rev. HISPANIARVM: ET: INDIARVM. Type similar to No. 1, but reading PLV SVL TRA across field. 26 mm.

49 grs.

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5. Real, undated. Similar to No. 4, but with J to left and M to right of the shield. 27 mm.; 56 grs.

Philip II, A. D. 1556–1598.

6. Toston, undated.

SILVER.

Obv. PHILIP[PVS] II. - DEI GRATIA. A crowned shield of arms; at sides, MO - M. Rev. HISPANIARVM ET INDIARVM. REX. A cross, with lions and castles in the angles, within a tressure of four arches. 32 mm.; 210.5 grs.

Philip III, A. D. 1598-1621.

SILVER.

7. Peso, 1611. Obv. A cross. REI. M. 1611. Rev. Plain. 33 x 40 mm. A crudely made, cast piece of eight sides of varying lengths. 588 grs.

8. Peso, 1621. Obv. PHILIPPVS. III. DEI. G. 1621. A crowned shield of the royal arms; at sides: (left) M°. | D.; (right) 8 (reales). Rev. ISPANIARVM. ET. IN. DIARVM. REX. A cross, with the arms of Leon and Castile in the angles, within a tressure of four arches; the whole within a circle of annulets. 46 mm. 414.5 grs.

Philip IV, A. D. 1621–1665.

SILVER.

9. Peso, 1629. An irregular, so-called "Cob" Peso. Obv. PHILIPPVS IIII. DEI G. 1629. A crowned shield of arms; at sides, (left) o | M | D, (right) 8. Rev. HISPANIARVM. ET. IN.DIARVM.REX. A cross with arms of Leon and Castile in angles, within a tressure of four arches. 47 mm.; 414 grs.

Philip V, A. D. 1700-1746.

GOLD.

10. Media onza, 1739. Obv. PHILIP. V. D. G. HISPAN. ET IND. REX. Bust, in cuirass, to right; below, 1739. Rev. INITIUM SAPIENTIAE TIMOR DOMINI. A crowned shield of arms of Leon and Castile, quartered; at sides (left), F | M between rosettes, (right) 4, between rosettes; below, M. Edge, obliquely hatched. '30 mm.; 208.5 grs.

11. Cuarta de onza, 1745. Legends and types similar to No. 10, but with numeral 2 to right of shield, on reverse. Edge, obliquely hatched. 23 mm.; 204 grs.

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