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). This Spanish colonial real was subsequently referred to as moneda nacional ("national money") and underwent two more changes: This real, worth 1⁄ 8 dollar, was retained in Latin America until the 19th century but was altered considerably in peninsular Spain beginning in the 17th century. These reales were supplemented by the gold escudo, minted 68 to a mark of 11⁄ 12 fine gold (3.101 g fine gold), and valued at 15–16 silver reales or approximately two dollars. 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, a peso or a piece of eight) became an internationally recognized trade coin in Europe, Asia and North America. The silver real was minted in 1⁄ 2-, 1-, 2-, 4- and 8-real denominations. It circulated beside various other silver coins until a 1497 ordinance eliminated all other coins and retained the real (now minted 67 to a mark of silver, 0.9306 fine, fine silver of 3.195 grams) subdivided into 34 maravedíes. 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. Spanish 1799 silver 8 reales, Charles IV (reverse) See also: Currency of Spanish America Silver real coined in Seville during the reign of Peter I of Castile (1350–1369).
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