2 Escudos - Philip V Madrid, cross, 1st type

Philip V arrived in Madrid in February 1701 as the first Bourbon king of Spain, inheriting the throne through the will of the childless Charles II. The War of the Spanish Succession broke out almost immediately, and the early cross-type escudos struck at Madrid during 1701–1702 represent the chaotic opening months of his reign before the war's disruptions forced significant changes to mint operations and coinage policy. Production of this first type was brief by design — the Bourbon administration was already moving to reform Spanish coinage standards inherited from the Habsburg era.

The Madrid mint's assayer marks for this period remain a point of active discussion among specialists working from Calicó's revised 2019 attributions.