Spanish real

The real (meaning: "royal", plural: reales) was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced. In 1864, the real was replaced by a new escudo, then by the peseta in 1868, when a real came to mean a quarter of a peseta.

The first real was introduced by King Pedro I of Castile in the mid 14th century at a value of 3 maravedíes. This rate of exchange increased until 1497, when the real, now issued in billon, was fixed at a value of 34 maravedíes. The famous "piece of eight" (peso de a ocho), also known as the Spanish dollar, was issued that same year as a trade coin. It later became widespread in North America and Asia. In 1566, the gold escudo was introduced, worth 16 silver reales. The "piece of eight" was so-called because the denomination was divided into eight silver reales (8 reales = 1 piece of eight). In addition to the "piece of eight," which was a one-ounce (28 g) silver coin, other coins based on it were issued: 4 reales, 2 reales, 1 real and the little (12 mm diameter) half real.

During this period, Spanish trade coinage became popular in international trade and commerce, and remained so for centuries.

In 1642, two distinct reales were created, the real de plata (made of silver) and the real de vellón (made of billon, or "less than half silver"). The exchange rate between these two coins was set at 2 reales de vellón = 1 real de plata. The maravedí was tied to the real de vellón, causing the real de plata to be worth 68 maravedíes. The gold escudo was worth 16 reales de plata. The real de vellón was issued for exclusive use in Spain and did not frequently circulate in the colonies.

The real de plata fuerte was introduced in 1737 at a value of  2 ¹⁄₂ reales de vellón or 85 maravedíes. This real was the standard, issued as coins until the early 19th century. The gold escudo was worth 16 reales de plata fuerte.

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