1 Real

Valdivia's 1822 issue belongs to the chaotic monetary gap that followed Chilean independence, when the new republic's central minting infrastructure was not yet functioning reliably and several regional authorities struck their own emergency coinage. The city's single known type — KM#1 — was a practical response to acute small-change shortages in the south, far removed from Santiago's administrative reach.

Billon was the logical choice: silver supplies were constrained and full-silver fractional pieces were simply not viable locally. Survivors in any condition are genuinely scarce, as the issue was small and the coins circulated hard in a frontier economy.