1 Real - Felipe IV

Felipe IV's Navarrese reales occupy an awkward corner of Spanish monetary history. Navarre retained its own coinage rights long after the Crown of Aragon and Castile were effectively unified, and Madrid tolerated this arrangement largely to avoid provoking the kingdom's fiercely defended fueros. By the 1650s, however, the financial strain of the Thirty Years' War and ongoing conflict with France had pushed the Spanish treasury into serial bankruptcy — Philip IV's reign saw at least three formal suspensions of payments.

The two-year window of this issue, 1651–1652, coincides with the final phase of the Franco-Spanish War, when Navarrese border coinage carried real logistical weight.