2 Reales

Peru's early republican coinage was minted at two facilities — Lima and Cuzco — whose output differed markedly in quality and consistency. The Cuzco mint, operating with less experienced staff and irregular silver supply in the decades after independence, produced noticeably cruder strikes, and attribution between the two mints depends heavily on mint mark rather than style alone. The proliferation of KM subvarieties across this date range reflects genuine die and assayer variation, not collector hair-splitting.

The 1825 start date places the earliest pieces within months of the Battle of Ayacucho, which ended Spanish colonial rule in December 1824. The new republic needed circulating coinage immediately, and these 2 Reales were among the first coins struck under Peruvian authority.