8 Escudos - Philip V Segovia

Philip V's claim to the Spanish throne was still actively contested in 1708 — the War of the Spanish Succession was entering its most critical phase, with Archduke Charles of Austria holding Madrid briefly the previous year. Minting continued at Segovia under Philip's authority partly as a practical assertion of legitimacy; controlling the mints was as politically significant as controlling territory.

Segovia's aqueduct-fed water-powered mill made it Spain's most technically capable mint for heavy gold coinage. The macuquina-to-milled transition was already underway, and 1708 Segovia 8 escudos are struck on properly prepared planchets — a meaningful distinction from cob-style output still coming from American houses at the same date.