8 Reales - Fernando VII Madrid, 1st portrait

The 1812–1813 Madrid 8 Reales occupies an awkward historical moment: Fernando VII was not in Spain when these were struck. He remained a prisoner of Napoleon at Valençay while the Cortes of Cádiz governed in his name, fighting the Peninsular War against French occupation. The mint was producing coinage for a king who had no power and no presence, under a regency whose own authority was constitutionally contested.

The "1st portrait" designation distinguishes this type from later busts introduced after Fernando's return in 1814. Madrid production in these years was intermittent, directly tied to the progress of Wellington's campaign — the city changed hands more than once.