2 Maravedis - Felipe V

Felipe V spent much of 1710 on the run. The War of the Spanish Succession had turned catastrophically against him — Madrid fell to the Archduke Charles twice within two years, and the Bourbon administration of Castile was barely functional for stretches of the conflict. Small copper issues like this one were struck under severe institutional strain, with minting operations disrupted across Castilian facilities. The Bourbon coinage reform that would rationalize the Spanish monetary system didn't arrive until 1718, leaving this issue caught in the awkward transition between Habsburg-inherited monetary structures and a court that hadn't yet consolidated power to change them.