1 Real - Felipe IV

Felipe IV's reign coincided with Spain's accelerating fiscal crisis — endless wars in Flanders, the Thirty Years' War, and repeated bankruptcies forced the colonial mints to produce cob coinage (macuquinas) at a pace that prioritized weight compliance over any pretense of uniformity. Mexico City was the primary source of silver moving through the Manila Galleon trade, meaning pieces of this type circulated as far as the Philippines and coastal China, where they were tested by chopmarking rather than trusted on reputation alone.