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Philip IV
8 Maravedis
Item number: A96
Year: AD 1621-1665
Material: Copper
Size: 23.54 x 25.11 mm
Weight: 6.50 g
Manufactured by: Spain
Provenance: Fuchin Coin 2023
This copper coin was minted during the reign of King Philip IV of Spain (AD 1621-1665). It is a “Billon” coin, crafted from pure copper. The term “Billon” was derived from the French word for “alloy” and typically referred to coins made from base metals. The denomination of this auxiliary currency was known as “Maravedis,” a term originating from the Visigothic Kingdom that once conquered the Iberian Peninsula.
The obverse of the copper coin features a castle protected by a shield in the centre, topped with a crown. Additionally, the Arabic numeral in the centre and the Roman numeral stamp on the right indicate that the coin has a denomination of 8 Maravedis. On the reverse, a lion is depicted, symbolizing royal authority, protected by a shield and wearing a crown.
In AD 1492, following Columbus’s arrival in the Americas, vast amounts of gold and silver precious metals from the New World were transported to Europe, triggering a price revolution in the continent. Given the lack of improvement in Spain’s industrial capacity, it resulted in the domestic situation characterized by “more money, fewer goods,” namely, the issue of inflation.
To address the issue of inflation, the Spanish Empire decided to issue more coins, ideally using silver as the primary material, given its value as a precious metal. However, for the royal court, allocating silver for external military expenses took precedence at the time, leading to the decision to use cheaper material->copper for minting Billon coins instead.
In AD 1599, Philip III was the first to declare that all Maravedis auxiliary coins would be minted from copper, excluding silver and other precious metals. In AD 1652, his successor, Philip IV, further stipulated that the denominations of the auxiliary coins would be 1, 2, 4, and 8 Maravedis.
