1 Real - Felipe IV milled

Felipe IV inherited the Spanish crown in 1621 with the treasury already hollowed out by decades of continental warfare. The milled coinage — produced by screw press rather than hammer — was introduced partly to combat the rampant clipping and counterfeiting that had plagued the cob currency, though hammered macuquinas continued alongside it for most of this reign. The two series circulated simultaneously, creating persistent confusion in commercial transactions.

Production of milled silver was ultimately curtailed in Spain proper before Felipe's death in 1665, as the economics of screw-press minting proved difficult to justify at scale against the cheaper cob method.