1 Escudo - Carlos IV bust of Carlos III, CAROL IIII

Santiago's gold coinage of this period carried the bust of Carlos III even after Carlos IV had ascended the throne in 1788 — a lag that was entirely deliberate, as the new king authorized continued use of his father's effigy while the colonial mints awaited updated dies. This transition type, struck at the Chilean mint in Santiago, occupied only a narrow window before the proper Carlos IV portrait arrived.

The Santiago mint had been established in 1743, making it one of the later Spanish colonial foundations in South America. Its gold output remained modest compared to Lima or Potosí.