1 Maravedi - Philip III Monogram; hammered

Philip III's earliest copper maravedí issues, struck between 1601 and 1604, represent Spain's first systematic attempt to solve a chronic small-change shortage that had plagued Castile for decades. The Catholic Monarchs and Philip II had resisted debasing the copper coinage; Philip III abandoned that restraint almost immediately upon succession, authorizing a flood of lightweight cobs that the mints at Segovia, Burgos, and Toledo struck with minimal care for consistency. Individual pieces from this type vary wildly in flan shape and strike quality — not as a defect but as an inherent feature of the hammered production method sanctioned for speed over precision.