8 Reales - Felipe III

Felipe III's reign coincided with the peak of Potosí silver flooding Atlantic trade routes, but Mexico City's output during this period carried its own commercial weight — these pieces circulated from Manila to Seville, functioning as the de facto currency of Pacific trade long before any formal exchange agreements existed. The assayer responsible for each coin's quality was legally liable for underweight or debased pieces, a rule enforced unevenly but with occasional brutal efficiency.

The cob format of this issue means no two strikes are identical. Die alignment, flan shape, and strike pressure varied coin to coin on the same day's production.