4 Maravedis - Felipe IV copper, hammered

Felipe IV inherited a crown already addicted to vellón inflation. Within months of his accession in 1621, the Castilian government — facing chronic shortfall from the American silver fleets — authorized a massive recoinage of copper maravedis to paper over fiscal gaps. The mints ran continuously, and output was so poorly controlled that contemporary merchants complained openly about the flood of underweight pieces entering circulation.

By 1626, the crown had debased and revalued this coinage twice. Surviving pieces from the hammered phase are frequently found clipped or countermarked — evidence of the resealing campaigns that followed.