Charles I, also known as Charles V as the Holy Roman Emperor, reigned as King of Spain from 1519 to 1556 alongside his mother, Johanna, Queen of Castile and Aragon. During their rule, the first colonial mint in the Americas, the Mexico City Mint, was established in 1535. The earliest coins minted there were hand-struck silver coins in denominations of 1/4, 1/2, 1, 2, 3, and 4 reales. These coins consisted of approximately 93% silver and 7% copper with the following expected weights in grams:

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1/4 real - .858 

1/2 real - 1.716

1 real - 3.432

2 reales - 6.865

3 reales - 10.296

4 reales - 13.731

However, the 1/4 and 3 reales denominations were discontinued due to public dissatisfaction. In 1537, Charles ordered the production of 4 and 8 reales coins. 
Despite this, the minting of 8 reales coins during this early period remained a mystery, as no samples were known to circulate.  This changed when three examples were recovered from the "Golden Fleece" shipwreck, a vessel sunk around 1550 and discovered in 1990.  Testimonies from the shipwreck investigation confirmed that 8 reales were minted but not circulated due to production difficulties.

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In 1538, Charles decreed that gold and copper coins were not to be minted in New Spain. However, copper coins were briefly minted in 1542 to address a lack of smaller denominations, but this faced significant public resistance and was outlawed by 1565. Gold coin production in Mexico did not begin until 1679.

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The coinage of Charles and Johanna is notable for being the first to bear the word "Indies" and the depiction of the Pillars of Hercules, a symbol originating from Greek mythology. According to myth, Hercules placed pillars at the Strait of Gibraltar to mark the boundary of the known world, with the Renaissance tradition adding the inscription "Ne Plus Ultra" (Nothing Further Beyond). 

On the coins, the banner across the pillars bore the optimistic phrase 'Plus Ultra' (More Beyond), symbolizing Spain's belief in the existence of opportunities and territories beyond the known world, inspired by the discovery of the New World.

 

Early and Late Series Coinage:

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Charles and Joanna's coinage is divided into two distinct series, primarily distinguished by design variations, particularly the representation of the Pillars of Hercules. These iconic pillars, symbolizing Spain's maritime expansion and imperial ambitions, show stylistic differences that help define the early and later series.

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Since these coins lack dates, determining their approximate minting period relies on analyzing specific features such as the mint mark and the assayer's initial, which are positioned on either side of the shield on the obverse. These identifiers serve as vital clues for tracing the coin's origin and production timeline.

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The legend inscription varies by denomination. Larger denominations, such as the 4 reales, prominently display the full royal titles, while smaller denominations, like the ½ real, feature abbreviated legends due to space constraints. This differentiation highlights both practical and artistic considerations in the coinage.

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​Checkout the catalog of Coinage of the First Mint of the Americas at Mexico City, 1536-1572 by Nesmith, Robert I.

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Coins from the early series are particularly rare, with only a few surviving specimens known today. The value of Charles and Joanna coins depends heavily on their condition, provenance, and rarity. Ungraded examples typically sell for a minimum of $40, while professionally graded coins often start at $150, with higher-grade or rarer examples commanding significantly higher prices. A notable portion of these coins on the market originates from shipwreck recoveries, which often adds historical allure and increases their value to collectors.

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This coinage series continued until the reign of Philip II. Notably, the Philippines was named after Philip II of Spain, who was the crown prince at the time Spanish explorer Ruy López de Villalobos arrived in the archipelago in 1543. Villalobos named the islands of Leyte and Samar "Las Islas Filipinas" in honor of Philip, a name that was later extended to the entire archipelago when Philip became king.
 

​Denomination Indicators:

The denomination of each coin was indicated by dots or numerals. For example, one dot represented 1 real, while four dots or the Arabic Numeral "4" indicated 4 reales.

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