Great Potosí Mint Fraud of 1649

[2] In 1572, the first mint of Potosí was constructed to process the smelted silver into real coins, which were then shipped to Arica on the western coast of South America and from there to the Spanish Main and points around the world.

[1] The minted coins were to have a silver content of 93 parts per 100, as decreed by King Philip IV of Spain in December 1642.

Marín named Juan Rodríguez de Rodas as the head assayer of the mint, a purpose for which he had been sent from Spain.

[5] The scandal had a large impact on Habsburg Spain, causing a global panic with effects reaching as far as Southeast Asia.

Trade was significantly affected, and while decisions were being made about what to do with the suspect currency, people held onto their Potosí-origin coins.

[4] For this purpose, he gave García Sarmiento de Sotomayor, the Viceroy of Peru, discretion to implement the mandate as he saw fit.

However the legend Philippus Dei Gratia Castelle et Navarrae rex ("Philip king of Castile and Navarre by the grace of God") offended the Cortes of Navarre, zealous of their charter, and the king had to issue corrected coins with no mention of Castile and his ordinal as Philip VI corresponding to the list of Navarrese monarchs.