1/2 Real

Honduras adopted a nickel brass alloy for this issue at a moment when Central American republics were actively experimenting with base-metal coinage to offset chronic silver shortages. The choice was practical: silver extraction from Honduran mines had declined sharply by mid-century, and maintaining a fiduciary fractional currency in a non-precious alloy relieved pressure on bullion reserves. KM#32 is among the earliest Honduran issues struck in this composition, and the short production window — just three years — reflects the broader monetary instability of the period rather than any planned phase-out.