4 Maravedis - Philip IV

By 1658, Castile's copper coinage was in a state of managed chaos. Philip IV's government had spent decades countermarking, reselling, and revaluing its own vellón currency to extract emergency revenue from an exhausted monetary system — each revaluation eroding public confidence further. The 1658 issues emerged just three years after a catastrophic deflation decree had halved the face value of circulating copper, a measure so damaging to ordinary commerce that it triggered riots in several Castilian cities.

Calicó 1546 places this piece within the Madrid mint sequence, where quality control was a persistent problem throughout the decade.