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Piece of Eight (Spanish Silver Dollar)

Type Object Region Spain Time 1497–1732

The Spanish Habsburg 8 reales silver coin, also called the Spanish peso or 'buen peso', which from the 1560s spread via the Seville–Atlantic trade ne…

Timeline

  1. 1497–1537Castile · CastileThe Spanish crown unified silver coin fineness and weight standards, making the 8 reales the principal large-denomination monetary unit and laying the foundation for later American coinage.
  2. 1561–1570Seville–Atlantic–Pacific trade network · PacificSurging output from the Potosí and Mexican silver mines led to 8 reales coins being shipped to Europe after inspection by the Casa de Contratación, and onward to East Asian markets via routes such as the Manila galleons, making it the core hard currency of world trade in the mid-to-late 16th century.
  3. 1536–1572Mexico City and Lima · PeruRoyal mints established in the viceroyalties of New Spain and Peru smelted American silver on site into 8 reales coins, easing transoceanic transport burdens and meeting local and export demand.
  4. 1600–1800Global trading ports · AmericasDuring the Ming and Qing dynasties the 8 reales was known in China as the 'buen peso' or silver dollar, circulated widely in Southeast Asia, the Middle East, and Europe, and its weight and fineness standards influenced later national silver coins and the origin of the name 'dollar' in the US dollar.

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