1 Real - Carlos IV Numeral IV - Carlos III portrait

Struck during the administrative handover between two reigns, this transitional type retains the portrait of Carlos III despite being issued under Carlos IV — a practical response to the lag between a monarch's death in December 1788 and the arrival of updated dies at a distant colonial mint. Lima was among the last American mints to convert to the new portrait type, meaning pieces with this combination circulated well into 1791 alongside fully updated coinage. The numeral IV paired with his father's effigy was not an error but deliberate policy while the new punches made the Atlantic crossing.