2 Reales - Felipe IV Segovia

Felipe IV's reign coincided with Spain's slow hemorrhage of American silver — the same bullion funding his endless wars in Flanders and against the French was also systematically debased through vellón coinage manipulation, triggering the monetary crises of 1628 and 1641. The Segovia mint, powered by a royal water-driven mill on the Eresma river, was among the few authorized to strike milled coinage during this period, producing more consistently round and regular pieces than the cob issues coming out of colonial mints.

The Segovia aqueduct mark on pieces of this type is the detail most useful for attribution — its form varied subtly across die cutters active between these dates.