PHILIP V

In 1720, Spain made significant strategic decisions: it opted not to pursue the recovery of lost territories in Europe, notably in Italy (Sardinia and Sicily) and the Netherlands, and reaffirmed its renunciation of the French crown, joining the Quadruple Alliance to maintain peace in Europe. In return, the right of succession in the duchies of Parma and Tuscany was granted to the male offspring of Queen Elisabeth Farnese. To strengthen its position, Spain signed an Alliance treaty in March 1721, later joined by the United Kingdom in June, aiming to resolve all disputes peacefully. While not entirely successful, this effort maintained peace for several years. In 1723, the investiture of the duchies of Parma and Tuscany for the Queen's eldest son, the Infante Carlos, was secured. During these unusual years of peace, these coins were minted as examples of the onza de cruz following the new model of 1719. Fernando Vázquez, who had been transferred from Madrid, was the assayer. During the reign of Philip V, the onzas were only minted in Segovia in the years 1708, 1717, 1721, and 1723. Therefore, these two types (from 1721 and 1723) are the only ones of the 1719 model. Additionally, they have a raised rim on the edge for added protection against clipping and filing. Another particularity of these pieces is that those from 1721 were made with gold gifted by the Viceroy of Peru to the king for the construction of the San Ildefonso palace, whereas the one from 1723 (and that of his son Louis I from 1724) were made with gold donated by the Bishop of Quito, rendering both pieces extremely scarce.