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4 Reales - Felipe III milled

Issuer Spain
Year 1614-1621
Type Standard circulation coin
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Obverse script Latin
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Edge Milled
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Additional information

Felipe III's milled coinage from the Segovia mint — where the water-powered screw press had operated since the 1580s — represented a deliberate attempt to combat the rampant clipping and counterfeiting that plagued the cob (macuquina) issues circulating alongside it. The mechanically produced coins were harder to shave without detection, with their milled edges and uniform flans exposing any tampering immediately.

Despite the technical superiority, milled production remained a fraction of total silver output throughout Felipe III's reign. Colonial cob silver from the Americas flooded the mints in quantities the Segovia press could never match on volume alone.

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