2 Maravedis - Felipe III

Oran, a coastal Algerian city held by Spain from 1509, presented persistent logistical problems for coinage supply — ships from the peninsula were unreliable, and the garrison frequently operated without adequate small change. The 1618 issue was struck locally under emergency authorization specifically to address this shortage, making it one of the few examples of a Spanish colonial mint operating on African soil. Felipe III's administration granted the concession reluctantly, aware that locally struck copper was difficult to control and prone to unofficial multiplication.

KM#L1 designation signals how thinly documented this emission remains.