1/2 Real - Felipe IV monogram

Felipe IV inherited the Spanish throne at sixteen and ruled for over four decades, but his reign coincided with relentless fiscal pressure — the Thirty Years' War, the revolt of Catalonia, and the secession of Portugal all demanded silver that the colonial mints were struggling to supply fast enough. The small monogram cobs of this type were struck at Seville, Toledo, Granada, and Segovia under wildly inconsistent conditions, with quality varying dramatically between facilities and even between individual workers on the same day.

The macuquina (cob) technique used for these pieces meant each flan was hand-cut from a cast bar and struck between dies with no collar. Weight was the legal standard, not shape.