PHILIP V

The exact purpose behind the minting of these coins, typical of the Potosi mint and minted in silver in several denominations from the late reign of Philip IV to that of Ferdinand VI, remains uncertain. Some suggest they were an invention of silver merchants who coined their metals at the mint, subsequently profiting from their sale. Others believe they are related to the devotion to the Most Sacred Heart of Jesus, possibly serving as a protective amulet or simply as a display of wealth, hence their hole. However, both theories can coexist without contradiction. Specific documentation detailing their unique production process is lacking, save for a reference found by Glenn Murray, indicating that the registration of these coins is recorded within the weight per mark of the galanos. In any case, these coins represent a distinctive chapter in the monetary history of Potosi. Fashionable among the society of the time, they were produced in all the standard modules of silver pieces, from the half real to the real de a ocho, consistently adhering to official metrology. From the reign of Philip V, we have specific pieces of all denominations, and this one from 1716 is related to the end of the Spanish War of Succession and the reopening of the shipping routes between Spain and America, which will put an end to many precarious situations. For instance, in 1716, there were four consecutive Viceroys of Peru and the Casa de la Contratación ‘House of Trade of the Indies’ was relocated from Seville to Cádiz in 1717 to promote and control the increasingly active trade with the Indies.