Currency of Spanish America
Spanish coinage treated the Spanish monetary system between the unification by the conquest of Granada and took place in the same year, the discovery of America by Christopher Columbus to the loss of the American colonies ( 1820 ). The current flowing from the new world in the following centuries to Europe and East Asia quantities of precious metals had far-reaching economic impact. The increase of the available amount of coinage, which was won in America by slave labor, made possible in modern times in Europe for the first time a general monetary transaction. Also of importance is the discovery of Amalgamationsverfahrens for the deposition of precious metals by Bartholomeus de Medina 1557. The American precious metal exports was caused, as well as the growing Central European extraction, long term, a decline in the value of silver against gold by around 50 % ( just under 10:1 to almost 13:1 since 1609, already in 1641 then 14:1, early 19th century 14,9:1 15.5:1 to around 1870 ).
The values formed the basis for currencies whose names are still in use today. In the first 30 years after the conquest of Mexico ( 1519) were minted no coins in Spanish America, the roughly purified by melting metal was up in the 1560s by weight ( peso, as " Mark " and ounces) used. While in the 16th century in New Granada (Colombia ) was found or looted much gold, the value of the yield was lower compared to the silver of the other colonies.
- 5.1 Notes and references
Maravedí
The Maravedí was common in Spain and its possessions monetary unit whose quality deteriorated progressively. Various qualities were therefore in later times distinguished: de Vellon de plata de plata mexicana and antiquarian.
From a Castilian Mark Bronze ( Vellón ) with ( 7/288 silver ) should, according to the ordinance of 1497, 192 Blancas be applied ( to 1.2 g), which corresponded to a 2 Blancas Maravedi. The total amount was limited to 10 million Blancas. At the time of Carlos I. 1552 the silver content to 11/576 has been reduced. The next decline occurred in 1566 on 1/72 silver content and Blanca 220 per cord. 1603 was left to the silver away entirely, a ( new ) Maravedi was reduced in weight Blanca ( around 560 pieces / Mark ) equated. This effectively doubling the price of copper led to the scarcity of gold and silver coins in Spain. The premium for silver soon reached 40 %.
Castilian Mark
In Spain, as elsewhere in the early modern period, ran around a lot of foreign coins. Then there was that Aragon, Valencia and Catalonia had separate coins in the 16th century.
The old (legal ) Castilian Mark ( Marco ) had a weight of 230.06 g procedure issued in Medina del Campo Coinage ( Elogio ) of Queen Isabella certain that Mark Gold ( 23.75 carats = 95/96 fine) in value was to stamp out of 24500 maravedis. It was divided into 50 Castellanos as a unit of account; 1 Castellano, with 4,553 grams of fine gold, so corresponded to 490 maravedis. From Mark Silver ( 67/72 fine) were to characterize 11 ⅙ dinero worth 2278 maravedis. On the silver marks 67 Reales came with 3.195 g fine silver à 34 maravedis, resulting in a legal value ratio of gold to silver of 10.114 was found to be 1. From the Real evolved in the Arab world of the riyal.
Been coined at this time are usually full and half real, but no larger pieces. As a Gold Coin ( 3.495 g gold ducado, 95/98 fine ) were from a Mark 65 ⅓ ducats marked so that it corresponded to the Venetian sequin and Hungarian ducats. The unit of account Castellano corresponded to 490 maravedis, the embossed 375 ducats maravedis, so came up with a gold ducats around 11 silver reales. In the colonies peso d' oro has been since used as a synonym for the Castellano. At the beginning of the Mexican and Peruvian silver production (from 1546 in Potosí ) was considered as a reference: a silver marks equal to 5 Castellanos. The Mexican peso de minas name (Silver) referred to the corresponding value of a peso de oro therefore corresponded to 13 ⅖ real. Contemporary literature is called in everyday use correspondences 12-14 Reales, which has to do with the inadequate ways of cleaning the silver. Gold coins were increasingly less common.
16th and 17th centuries
The increase in silver production led to the occurrence of larger silver coins, which corresponded to the usual gold pieces worth. The silver coin of 8 reales showed an unchanged monetary standard, 8 ⅜ per piece Mark coin silver, and 9 pieces per Mark fine silver. This corresponded to the German Reich Taler ( Joachimstalerstrasse, 9 pieces per cologne Mark fine silver ).
1537 new gold coinage was established for Castile. Instead of Ducados should be embossed in gold escudos coronas i. On the Mark with 22 carat gold (ie 11/12 fine) came 68 pieces worth 350 maravedis. So the heavier coins contained 2.9% 4.6% less refined silver as before. The value of the escudo in 1566 increased to 400 maravedis. It corresponded to 16 silver reales. At the same time it came to the introduction of bronze coins ( with 62/288 silver), of which 80 per Mark - were minted - the equivalent of ¼ Real.
1537 in Mexico and later in Peru very rough, but manageable, "Pieces of Eight " ( 8 Reales ) were made from silver masse. The taxation of precious metal production and the mintage of three real per cord were profitable for the crown. In the 16th century everyone metals could bring in the mints to the expression, the remelting of coins was, as well as the export of bronze coins from Spain, however, prohibited. In American Silver an export duty of 6% was charged.
Since 1642 there were also deteriorated Real de Vellón who had only half the value of the real de plata. Due to the large amount of output Vellón coins gold and silver coins were increasingly hoarded good. The decree of October 14, 1686 led to a devaluation of silver against gold by ≈ 20 % in the mother country ( plata nueva ). For the American colonies, it was the previous standard ( plata vieja ). The new continental Spanish piece of eight was also called peso sencillo.
Mexican dollars in Asia
From Mexico large amounts of extracted silver went with the once- annual convoy to Manila ( 1545-1813 ). Exact amounts are not coming, but was on the Lord Anson in 1743 captured galleon over 1.3 million pesos embossed and supplementary 35000 ounces of silver, which represented more than ten percent of Mexico's annual production. The popularity is due to the convenience. Japan coined in the period before the lock, practically no own coins. Silver was poured into small bars ( " boat " ) and hergeschnitten as needed. The Chinese tael, divided into 1000 Cash each, had another in almost every province of weight and purity. Already Elizabeth I in 1601 was in the Tower of London special minting coins ( with the portcullis ) for India after the Spanish model.
The machine since 1732 in Mexico minted coins with the characteristic " Pillars of Hercules " and the motto PLUS ULTRA quickly spread as a universal trade coin. The partially reclassified by counterpunch Real, in Asia often referred to as " piastre, " " Spanish dollar " or " Mexican dollars " ( $ M ) was called - and stayed until well into the 20th century - in the Chinese culture a generally accepted currency.
The Mexican dollar was also a model for the embossed since 1845 Straits Dollar ( 100 ¢), which, after its value had been stabilized by the tight binding to the gold- covered pound in 1906, the legal tender in the Straits Settlements, Federated Malay States and to 1912 was also in the Unfederated Malay States. Around this time he was also displaced by actions of the administration of the Dutch East Indies in Sumatra.
18th and 19th centuries
The 1707 adopted coinage, which remained in force until 1728, confirmed the provisions of 1497, after which 8 ⅜ pesos were to beat 8 Reales from the Mark fine silver, so 67 Reales per Mark 67/72 fine. In the restructuring of the monetary standard for silver peso ( peso duro ) this was ( 131/144 fine) fixed at 8 ½ per piece Mark. The value of these coins minted from 1732 was now 2 ½ real de Vellón ( as such for the first time in 1808 pronounced ) or 85 maravedis. In Spain, the coinage of the silver -Real 1837 has been set.
The Act of May 29, 1772 resulted in a slight deterioration. On the Mark Silver 8 ½ pesos came at a purity of 65 / 72nd After independence was maintained at this monetary standard in Mexico. For gold coins in 1772 determined that 8 ½ quadruple or Onzas de oro were to stamp out per Mark gold with a fineness of 43/48. The relation of gold to silver was on the basis of this Act 16 to 1 This deteriorated coins no longer show the Pillars of Hercules, but the bust of the Spanish king. 1782 saw the founding of the first central bank.
The Spanish- Mexican dollars, and the equivalent coins of the countries of South America was until 1857 legal tender in the United States. The South American countries presented their independence soon on a monetary standard analogous to the French five-franc piece ( 22.5 g fine silver ) around so that their currencies under different names ( Peruvian Nuevo Sol Boliviano Chilean Peso, etc.), Latin to the Monetary Union which are basically. With the introduction of the peseta ( Pta. ) in politically unstable Spain (1850 /68) was a real ( de Vellón ) a quarter of Pta. equated. The Banco de España has the function of a central Federal Reserve since 1874.