![]() ![]() Ships with their silver cargo also sailed to Manila, where silver was exchanged for exotic Far Eastern products. ![]() Bulk transports, robberies and attempted robberies of silver coins were very common. Wooden ships with holds full of silver coins sailing from the silver mines of the New World back to Spain were an attractive target for pirates. With a piece of eight in your pocket you always got a roof over your head and food on your plate.Īfter the Spanish Conquistadors had conquered Mexico and Peru in the early 16th century, the minting of these silver coins began in the New World. This silver coin was the most popular of the Spanish coins, and it became the first world currency in history, valid not only in the vast Spanish Empire, but whether you were sailing from South America to distant China, the Dutch East Indies, or to a Caribbean pirate harbor pub. ![]() This silver peso was worth eight reals, hence the name of the coin. In the English-speaking world the coin was also known as the Spanish dollar. In spanish the coin was called Real de la ocho, peso de ocho, or just simply peso. Silver piece of eight is perhaps the best known name for this coin. The mighty empire and crown guaranteed the value of the money, and printed its own symbols on the coins, and soon the doublons, escudos, and reals spread around the world in the holds of wooden ships and in the money pouches of sailors. One golden escudo was worth 16 silver reals, and a double escudo, or doublon, was worth 32 silver reals. Spanish coins had become the reserve currency of the whole new world, valid everywhere.įrom the early 16th century onwards, the world’s most powerful empire, Spain, introduced gold coins named escudo and silver coins named real. Spanish money was introduced to the new settlements and was valid as a currency in other areas too, not just the Spanish-dominated ones. Spanish coins were well-known and widely used gold coin during the conquest of the New World, and a treasure coveted by all pirates. ![]()
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