1/2 Real - Philip V

Philip V inherited the Spanish throne in 1700 as the first Bourbon king, triggering the War of Spanish Succession and leaving the colonial mints largely operating under administrative inertia while Spain itself was consumed by conflict. Potosí continued striking cob-style coinage — the irregular, chisel-cut planchets that had defined Spanish colonial silver since the sixteenth century — long after European minting had abandoned such methods.

KM#27 macuños from this period are notoriously inconsistent in flan quality, a product of the hand-hammered cob process rather than any particular deterioration in mint practice.