Tuesday 19 September 2023

The Spanish doubloon

In the New World, Spanish gold coins were minted in one, two, four, and eight escudo denominations. The two-escudo piece was called a 'pistole' with the large eight-escudo coin called a 'quadruple pistole.' English colonists would come to call it the Spanish doubloon. Tens of millions of Spanish cob and milled gold coins circulated throughout Europe. Spanish gold was regularly accepted in the early United Sates and continued to be minted in the New World until 1821. It was the first literally world-wide gold trade coin and circulated for over three hundred years until the economic and military decline of Spain forced it's replacement.
The Spanish dollar, also known as the piece of eight is a silver coin of approximately 38 mm (1.5 in) diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497.
A silver Spanish dollar minted in Mexico City c. 1650