PHILIP V

Since its establishment in 1615, the Madrid mint had been under the ownership of the Duke of Uceda through a royal concession. However, during the Spanish War of Succession in 1711, the Duke Consort of Uceda at that time aligned himself with the Habsburg supporters, resulting in the confiscation of his assets. Therefore, by Royal Decree of July 10, 1718, the Madrid mint was incorporated into the Crown, resulting in many changes. The Madrid onzas of Philip V prior to 1718 were scarce, with the last one minted in 1714, all made by hammering (except for the one made in 1710). The minting operations, now under the supervision of the Royal Treasury and conducted using mills, began on March 27, 1719, with its design approved on March 31, 1719. It was also noted that, for the time being, private individuals could mint their own gold coins, provided they paid the corresponding fees. Given this context, it’s worth noting that this piece belongs to the initial issuance of Madrid onzas produced under direct crown supervision, featuring noteworthy design and execution advancements. On the obverse side, the large coat of arms is encircled solely by the collar of the Order of the Golden Fleece. In contrast, previous editions included the collar of the Order of the Holy Spirit, now featuring only the cross positioned above the fleece of the Golden Fleece. This design was created by the new engraver of the Madrid mint, Diego de Aragón (appointed in April 1718), which would be adopted by other mints immediately. The technical marks of the mint (crowned M), denomination (8 escudos), and assayer (F) are positioned around the design at the end of the peripheral legend on the reverse, showcasing significantly improved minting quality compared to previous onzas. Additionally, this issuance is the first of the onzas to bear the crowned M mark (indicating its direct dependence on the crown), and the only one solely marked by the assayer Fernando Vázquez (F). Vázquez assumed his position as assayer in Madrid on November 14, 1718, which he held until his appointment as assayer of the Segovia Mint shortly thereafter. He did not return to Madrid until the 1730s. All of this makes this coin a piece of great rarity and significant political and technical importance.