8 Reales - Carlos IV

Carlos IV inherited the Spanish throne in 1788, and the Mexico City mint — the highest-volume silver producer in the colonial world — continued striking these coins in enormous quantities throughout his reign. By the 1790s, the mint was outputting well over ten million pesos annually, coin that flowed directly into Atlantic trade circuits, Chinese markets via Manila, and the coffers of European powers financing wars against Revolutionary France.

The assayer initials struck into each piece are the most useful dating tool within this type. The FM pairing (Francisco Arance Cobos and Manuel Espronceda) runs through most of the reign; a shift in initials signals a specific personnel change worth noting in any serious collection.