1 Real State of Honduras - Provisional

Honduras declared independence from the Central American Federation in 1838, but monetary infrastructure lagged badly behind political reality. The Casa Nacional de la Moneda in Tegucigalpa struggled for decades to produce coinage of consistent fineness, and the "provisional" issues of the early 1850s reflect exactly that institutional instability — billon at .040 silver is barely distinguishable from base metal, a fineness born of necessity rather than policy.

KM#18 exists in multiple sub-varieties across different years, with 18d representing one of the later die iterations. Attributing these correctly requires attention to the specific assayer initial present in the field.