2 Maravedis - Carlos IV

Carlos IV inherited the Spanish throne in December 1788, the same month his father Carlos III died — meaning the earliest coins of this type overlap uncomfortably with the final issues of the previous reign. The Segovia mint, primary producer of small copper maravedis, used a water-powered rolling mill that frequently produced uneven planchets, and low-denomination copper was often the last to receive quality attention during periods of fiscal stress. By the later dates of this issue, Spain was financing both Napoleonic alliance obligations and a deteriorating colonial administration simultaneously.