2 Reales - Felipe V Madrid, hammered

Felipe V's claim to the Spanish throne — inherited from Carlos II in 1700 — triggered the War of the Spanish Succession almost immediately, and by 1704 the Bourbon king was fighting for his crown on multiple fronts. Madrid's mint continued hammering silver through the conflict, though output was erratic and quality control suffered visibly. Many dies from this period show pronounced doubling and misalignment from exhausted workmen under production pressure.

Gibraltar fell to Anglo-Dutch forces in August of that same year, a loss Felipe never psychologically accepted and spent decades attempting to reverse.