1 Real - Felipe V

Felipe V issued a royal decree in 1731 ordering the establishment of a mint in Santiago de Guatemala — the first in Central America — primarily to address the chronic shortage of small silver coinage plaguing the region's commercial economy. Operations began in 1733, making this among the earliest issues from that facility. The Guatemala City mint would later be destroyed in the 1773 Santa Marta earthquakes, which ended coinage at that location entirely.

Cob-style minting ("macuquinas") persisted here well past its abandonment in Mexican and South American mints.