2 Reales - Philip III

Philip III inherited the Potosí mint at its absolute peak — the Cerro Rico was producing such volumes of silver in the late 16th century that Spanish colonial administrators struggled to maintain quality control across all denominations. The cob coinage from this period, hand-struck on irregular planchets cut from silver bars, was notoriously inconsistent, and the 2 reales denomination bore the brunt of this: small enough to circulate widely in local trade, large enough to attract clipping.

In 1618, a major fraud scandal at Potosí exposed systematic debasement by mint officials — silver was being skimmed and replaced with copper before striking. Coins dated to the years surrounding that investigation warrant particular attention to fineness.