1 Real - Fernando VII Royalist coinage

Oaxaca's royalist coinage of 1812 emerged directly from the chaos of the Mexican War of Independence. As insurgent forces under Morelos threatened to cut off Spanish-controlled territories from regular mint supply, royalist administrators in Oaxaca organized emergency local production to sustain loyal commerce and pay troops — a fiscal improvisation that lasted only until Morelos actually captured the city in November 1812, ending royalist coinage there almost as soon as it had begun.