Very rare coin, nice to look at and even better when in hand. Composition: Old cabinet patina, weight: 4.97 gm. diameter: 22 mm.
The 15th century was one of extreme monetary confusion in Castile, reaching a peak under Henry IV (1454–1474). The monetary system was finally reformed and stabilized under Ferdinand and Isabella, when they issued the Ordinance of Medina del Campo, June 2, 1497. The reform was completed by Charles I when he replaced the ducado with the escudo as the standard gold coin in 1537. The maravedí then became the smallest Spanish unit of account, the thirty-fourth part of a real. In the new world, nonetheless, there are documents which testify to the reduction of their value to less than the thirtieth part of a real. This reduction was on account of the cost and risk of their transportation from Spain, before the establishment of the first mint houses of Mexico and Santo Domingo. The maravedí remained a money of account in Spain until 1847.
After the discovery of America, copper maravedís, along with silver reales, were the first coins struck in Spain for the purpose of circulation in the New World colonies. These coins, minted with a special design for specific use of the Americas, were first coined in Seville in 1505 for shipment to the colonial island of Hispaniola the following year, thus giving these coins their distinction as the first coins for the New World. By 1531 these coins were still being minted, by now in both Seville and Burgos, and subsequent shipments have been confirmed to other areas such as: Mexico, Panama and Puerto Rico. These maravedís were used as Spanish Colonial change for smaller transactions and after mints were later established in the New World, in both Mexico (ordered in 1535, production began in 1536) and Santo Domingo (ordered in 1536, production began in 1542), coins of this type were also minted there.
Sevilla Spain had two mints, the old mint which operated from before 1497 until 1586 and the new mint which functioned from 1586 to 1869. Nothing remains of the old mint which had to be moved in 1586 to make way for the construction of the Lonja.