Spanish real

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 3 maravedíes.

After the discovery of silver in Mexico, Peru and Bolivia in the 16th century, the 8-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, tlzalers, dollars, and piastres.

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 loss of American possessions in the first third of the 19th century cut off the inflow of precious metals into Spain and resulted in the gradual use of French coinage in local circulation.

Coins were minted in both Spain and Latin America from the 16th to 19th centuries in silver 1⁄2, 1, 2, 4 and 8 reales nacionales and in gold 1⁄2, 1, 2, 4 and 8 escudos.