4 Escudos - Carlos III portrait

Carlos III's monetary reforms of the 1770s standardized the portrait coinage across Spanish American mints, replacing the cob ("macuquina") tradition that had persisted for over two centuries. Lima's output during this window was substantial but uneven — the assayer mark on these pieces shifts between M and I across the date range, reflecting a change in assayer responsibility mid-series that collectors use to narrow individual specimens to specific years.

Carlos III died in December 1788, making 1789-dated Lima strikes transitional pieces produced under institutional momentum before the mint received official notification of his death and authorization to adopt the Carlos IV portrait.