Milled Coinage 1732-1821
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Cobs were used for daily transactions and global trade for two centuries. However, with advancements in minting technology, Latin American mints gradually transitioned from hammer-struck coins to the screw press, which produced milled coins using blank planchets.
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This method resulted in coins that were evenly struck and had uniform thickness, size, weight, and well-defined edges compared to cobs. Milled coins were also struck with full details, making them harder to clip or counterfeit. To ensure quality, production was supervised by two assayers, both of whom placed their initials on each coin. Despite the introduction of the screw press, the production of cobs continued until 1773.
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The first type in the milled coinage is what I call Globe Type coins. Compared to cobs, coins under this type had reduced weight and fineness. The silver content was lowered to 91%, and for example, the 8 Reales coin’s weight was reduced to 27.06g.
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The obverse of this new series displays the crowned arms of Castile and León, with the assayer's initial to the left of the shield and the denomination to the right. The legend bears the monarch's name and title, such as: PHILIP V D. G. HISPAN. ET IND. REX (Philip V, by the Grace of God, King of Spain and the Indies).
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The reverse features a new design: two conjoined globes with a crown above (symbolizing the Old and New Worlds). The globes rest over the Straits of Gibraltar, flanked by two crowned pillars, representing the Pillars of Hercules, with the inscription PLUS ULTRA (More Beyond). The legend reads VTRAQUE VNUM (Both Are One). Below the design is the date, with the mintmark displayed both before and after it.
Image Source: Standard Catalog of World Coins (1701–1800, 7th Edition), 4 reales, Mexico Mint
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The Globe Type underwent minor modifications. Beginning in 1754, the crown above the left pillar was replaced with the Imperial Crown, while the right pillar continued to bear the Spanish Crown.
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Image Source: Standard Catalog of World Coins (1701–1800, 7th Edition), 8 reales, Mexico Mint, Imperial Crown on the left pillar
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In 1772, a major reform introduced what is now commonly known as the Bust or Portrait Type coins. While the coin's weight remained unchanged, the silver fineness was further reduced to 90%.
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The obverse now featured the bust of the ruling monarch, with the legend displaying the king’s name and title, such as:
CAROLUS III DEI GRATIA (Charles III, by the Grace of God), followed by the date.
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The reverse depicted the Pillars of Hercules, with banners inscribed PLUS ULTRA, but without the crowns above. The two globes and water design were replaced by the crowned shield of Castile and León. The legend read: HISPAN. ET IND. REX (King of Spain and the Indies).
Image Source: Standard Catalog of World Coins (1701–1800, 7th Edition), 4 reales, Mexico Mint
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The transition from cobs to milled coinage marked a pivotal moment in Spanish colonial numismatics, reflecting advancements in minting technology, stricter quality control, and the evolving needs of global trade.
The reforms introduced not only improved the durability and consistency of coins but also reinforced Spain’s dominance in international commerce.
Today, these coins remain highly prized by collectors and historians, serving as tangible remnants of an era when Spanish silver fueled economies across the world.
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Sources & Further Reading:​
1. coins.nd.edu, Article Spanish Coinage Circulating in the Colonies
2. coinquest.com, Article, Spanish Colonial Coins
3. columbiagazette.com, Article, Spanish Milled Dollar
4. coinnsite.com, Article, Spanish Milled Dollar
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Published Date: 2/03/2025