The History of Currency, 1252 to 1896

by William Arthur Shaw

5 pesetas = 1 duro ("hard dollar," "Spanish dollar," or piastre).
1 duro = 2 escudos.
1 escudo = 10 reals.
1 real = 34 maravedis.

TABLE OF THE GOLD COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1476.

(From Breve Reseña Historica Critica de la Moneda Española, p. 93.)

Reign.	Coins and Ordinances.			Tale or Number of Pieces per Mark.			Standard.		Mint Value per Mark.		Value of each Old Real in the Modern Money.	Value of each successive particular Money named, in Reals of the Date of Issue.		Value of each such successive particular Old Money in Reals of To-day.
									Bullion Value.	Ordinance Value in Coin as issued.
	Mint Ordinance of						Quilates.	Granos.	Reals.	Reals.		Reals.	Mvds.	Reals (Vellon)
Ferdinand and Isabella.	Feb. 22, 1476,
	June 14, 1497—
	Excellentes majores			25			22	3	716.98	720.22	4.185	28	28	121.91
	Medios excellenes			50								14	14	60.95
	Doblas
	Castellanos
	Excellentes de la Granada			65 1⁄3	7	7						46.67
	Ducados												(= .989)
	Aguilas			67	10	25						45.48
	Florines
	Escudos			68	10	29						41.82
	Coronas
Charles V.	1537—
	New coining of escudos			68			22	0	696.85	700.0	3.991	10	10	41.09
							(= .917)
Philip II.	Nov. 23, 1586—
	The escudo increased to 400 maravedis.			68			22	0	766.40	800.0	3.493	11	26	41.09
							(=.917)
Philip III.	1609—			68			22	0	847.09	880.0	3.175	12	32	41.09
	The escudo increased to 440 maravedis
	Dec. 13, 1612—						(=.917)
	Castellanos of 22 quilates at 576 maravedis
Philip IV.	Dec. 23, 1642—
	Escudo increased to 550 maravedis			68			22	0	1058.86	1100.0	2.540	22	17	41.09
							(=.917)
	Jan. 12, 1643—
	Escudo increased to 612 maravedis			68			22	0	1178.23	1224.0	2.283	22	17	41.09
							(=.917)
Charles II.	Oct. 14 and Nov. 26, 1686—
	Escudo increased to 646 maravedis, and castellano to 850 maravedis of the new silver			68			22	0	1250.0	1292.0	2.163	38	17	41.09
							(=.917)
Philip V.	March 17, 1719—
	Castellanos reduced to 714 maravedis			68			22	0	1050.0	1088.0	2.567	20	04	41.09
							(=.917)
	Jan. 14 and 23, and Feb. 8, 1726—
	Escudo increased from 544 to 612 maravedis			68			22	0	1181.25	1224.0	2.282	33	10	41.09
							(=.917)
	Sept. 2, 1728—
	Escudo increased to 680 maravedis			68			22	0	1312.0	1360.0	2.054	37	22	41.09
							(=.917)
	July 16, 1730—
	New monetary scheme			68			22	0	1280.0	1360.0	2.054	31	22	41.09
							(=.917)
									Reals(Vellon)
	June 23 and 29, 1742—
	Creation of Veintenes de oro			130 56⁄100			21	3	2409.42	2611.33	1.069	20	0	21.38
							(=.906)
Ferdinand VI.	Aug. 19 and Sept. 16, 1755—
	Increase of the pastas de oro from 118 to 119 reales las tres ochavas.
	Escudos (oro nacional)			68			22	O	2538.68	2560.0	1.091	37	22	41.09
							(=.917)
	Veintenes (oro provincial)			130 56⁄100			21	3	2538.21	2611.33	1.069	20	0	21.38
							(=.906)
Charles III.	May 21 and 25, 1772—
	General reformation and lowering of the standard.
	Escudos (oro nacional)			68			21	2 1⁄2	2495.18	2520.0	1.076	37	17	40.38
							(=.901)
	Veintenes (oro provincial)			130 56⁄100			21	1 1⁄2	2476.15	2611.33	1.039	20	0	20.78
							(=.891)
	July 16, andAug. 24, 1779—
	The doblon of 8escudos reducedto 320 reals (oro nacional)			68			21	2 1⁄2	2516.55	2720.0	1.009	40	0	40.38
							(=.901)
	The doblon of 8 escudos reduced to 320 reals (oro provincial)			130 56⁄100			21	1 1⁄2	2486.25	2611.33	1.039	20	0	20.78
							(=.891)
	March 7, 1781—
	Oz. of bullion increased to 336 reals			68			21	2 1⁄2	2642.2	2720.0	1.009	40	0	40.38
							(=.901)
	Feb. 26 & June 5, 1786—
	Lowering of standard.
	Oro nacional.			68			21	0	2565.81	2720.0	0.980	40	0	39.20
							(=.875)
	Oro provincial			131 23⁄35			20	1 1⁄2	2606.53	2633.14	0.982	20	0	19.65
							(=.849)
Fernando VII.	Oct. 19, 1821—
	Reform of the rating.
	Oro nacional			68			21	0	2686.26	2720.0	0.980	40	0	39.20
							(=.875)
	Oro provincial			131 23⁄35			20	1 1⁄2	2606.53	2633.14	0.982	20	0	19.65
							(=.849)
	Aug. 20, 1824—
	Similar reform.
	Oro nacional			68			21	0	2660.16	2720.0	0.980	40	0	39.20
							(=.875)
	Oro provincial			131 23⁄35			20	1 1⁄2	2581.1	2633.14	0.982	20	0	19.65
							(=.849)
Isabel II.	April 15, 1848—
	Reform of the monetary system.
	Centenes			27 6⁄10			21	2 3⁄5	2736.0	2760.0	0.993	100	0	99.30
							(=.900)
	May 17, 1850—
	Augmentation of the tale			28			21	2 3⁄5	2736.0	2800.0	0.979	100	0	97.90
							(=.900)
	Feb. 3, 1854—
	Reform of the monetary system			27 43⁄100			21	2 3⁄5	2716.20	2743.0	1.0	100	0	100.0
							(=.900)
	Jan. 18, 1861—
	Reform of the tariff			27 43⁄100			21	2 3⁄5	2729.18	2743.0	1.0	100	0	100.0
							(=.900)

TABLE OF THE SILVER COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.

Reign.	Denomination.	Tale (per Mark).	Standard.		Value of the Mark by Mint Regulations in Bullion.	Value of the Mark by Mint Regulations in Coin as Issued.	Value of the Real as Issued in Billon Reals of the Time.		Equivalence of the Old Real with the Modern Real.
		Silver Reals.	Dineros.	Granos.	Silver Reals.	Silver Reals.	Reals.	Mvds.	Reals.
Ferdinand and Isabella	June 2, 1497—
	General reform of the Monies	67.0	11	4	66.0	67.0	1	0	2.734
			(=.930)
Philip IV.	December 23, 1642—
	January 12, 1643—	83.75	11	4	81.0	83.75	3	0	2.186
	Recoinage		(= .930)
Charles II.	October 14, 1686—	84.0	11	4	82.0	84.0	1	30	2.179
	Recoinage		(=.930)
Philip V.	1706—
	Reales sencillos of 4, 2, and 1	84.0	11	4	68.0	84.0	1	30	2.179
			(=.930)
	1707—
	Reales sencillos of 4, 2, and 1 (and parts and multiples)	75.0	10	0	60.82	75.0	1	30	2.187
			(=.834)
	July 15, 1709—	68.0	11	0	65.0	68.0	1	30	2.654
	Reals of 8 and 4		(=.917)
	February 8, 1719—
	Decrease of the reals of 8 to 9 1⁄2	80.75	11	0	77.18	80.75	1	30	2.234
			(=.917)
	August 10, 1728—
	Reals (and parts) plata provincial	77.0	10	0	63.69	77.0	1	30	2.130
			(=.834)
	September 8, 1728—
	Decrease of the real of 8 to 10	85.0	11	0	81.23	85.0	1	30	2.123
			(=.917)
	July 16, 1730—
	New monetary regulation (plata nacional)	85.0	11	0	80.0	85.0	1	30	2.123
			(=.917)
	May 10, 1737—	Reals of Billon
	Decrease of the real of 8 to 20 reals (1 real of silver = 1 real 30 maravedis of billon)	85.170	11	0	160.0	170.0	2	0	1.061
			(=.917)
	Decrease of the real of 8 to 20 reals (plata provincial)	77.154	10	0	145.45	154.0	2	0	1.065
			(=.834)
Charles III.	May 21, 1772—
	General reduction of the standard (plata nacional)	170.0	10	20	157.59	170.0	1	0	1.045
			(=.903)
	General reduction of the standard (plata provincial)	154.0	9	18	141.81	154.0	1	0	1.038
			(=.812)
Ferdinand VII.	October 19, 1821—
	Reform (plata nacional)	170.0	10	20	164.67	170.0	1	0	1.045
			(=.903)
	Reform (plata provincial)	154.0	9	18	150.30	154.0	1	0	1.038
			(=.812)
	August 21, 1821— Reform (plata nacional)	170.0	10	20	163.47	170.0	1	0	1.045
			(=.903)
	Reform (plata provincial)	154.0	9	18	147.07	154.0	1	0	1.038
			(=.812)
Isabel II.	April 15, 1848—
	General reform of the monetary system	175.0	10	19	172.80	175.0	100 cents.		1.012
			(=.900)
	October 14, 1849—
	Reduction of the tale of silver	176.25	10	19	172.80	176.25	100	0	1.005
			(=.900)
	February 3, 1851—
	General reform of the monetary system	177.20	10	19	174.60	177.20	100	0	1.0
			(=.900)
	January 18, 1861—
	Reform of the tariff	177.20	10	19	175.77	177.20	100	0	1.0
			(=.900)

TABLE OF THE BILLON MONEY OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.

Reign.	Denomination.			Representative Value of each Money.	Tale (per Mark.)	Weight of Each Piece.	Standard.				Mint Value of Each Piece.		Bullion Value of Each Piece.
Ferdinand and Isabella.	June 14, 1492—					Granos.	Dineros.			Granos.	Reals.	Mdvs.	Reals.	Mdvs.
	Coining of blancas			Half maravedi	192	24.0	0			7	2	28	2	3
							(=.024)
Charles V.	May 23, 1552—
	Lowering of the standard of billon			Half maravedi	192	24.0	0			5 1⁄2	2	28	1	24 5⁄8
							(=.019)
Philip II.	December 14, 1566—
	Vellon rico			Cuartillos of 8 1⁄2 maravedis	80	57.6			2	14	20	0	17	8
				Cuartos of 4 maravedis	170	27.10588			(=.216)
				Medios of 2 maravedis	340	13.55294
	Blancos			Medio maravedi	220	20.94545	0			4	3	8	1	31 1⁄2
							(=.014)
	1599—
	(Pure copper)			Cuartos of 4 maravedis	34	135.52941			pure copper		4	0	1	0
				Ochavas of 2 maravedis	68	67.76470
Philip IV.	December 23, 1642—
	Vellon rico			Cuartillos of 8 1⁄2 maravedis	80	57.6
				Cuartos of 4 maravedis	170	27.10588			2	14 1⁄2	20	0	12	5
				Medios of 2 maravedis	340	13.55294			(=.217)
	October 29, 1660—
	Issue of "Molino"			Pieces of 16 maravedis
				(8, 4 and 2 in proportion)	51	90.35294	1			8	24	0	6	3
							(=.069)
Charles II.	May 22, 1680—
	(This and succeeding issues are of pure copper)