Spain: Coins Issued and Used

After the introduction of the Guldengroschen in Austria in 1486, the concept of a large silver coin with high purity (sometimes known as "specie" coinage) eventually spread throughout the rest of Europe. Monetary reform in Spain brought about the introduction of an 8-real coin in 1497. In 1537 the Spanish Escudo Gold Coin was introduced, which was worth 16 reales. The later Gold Doubloon was worth 32 reales or 2 escudos. It is this divisibility into 8 which caused the silver coins to be named "Pieces of Eight".

In the following centuries, and into the 19th century, the coin was minted with several different designs at various mints in Spain and the New World, having gained wide acceptance beyond Spain's borders. Thanks to the vast silver deposits that were found in Mexico (for example, at Taxco and Zacatecas) and Potosí in modern-day Bolivia, and to silver from Spain's possessions throughout the Americas, mints in Mexico and Peru also began to strike the coin. The main New World mints for Spanish dollars were at Potosí, Lima, and Mexico City (with minor mints at Bogotá, Popayán, Guatemala City, and Santiago), and silver dollars from these mints could be distinguished from those minted in Spain by the Pillars of Hercules design on the reverse. In the 19th century, the coin's denomination was changed to 20 reales (based on 20 reales de vellón) and finally 2 escudos.

Spain's adoption of the peseta in 1869 and its joining the Latin Monetary Union meant the effective end of the last vestiges of the Spanish dollar in Spain itself. However, the 5-peseta coin (or duro) was slightly smaller and lighter but was also of high purity (90%) silver.

In the 1990s, commemorative 2000-peseta coins were minted, similar in size and weight to the 8 reales and also with high fineness.