1 Vintém – Portugal

In 1621, Portugal found itself in a precarious monetary situation, deeply entangled with its powerful neighbor and ruler, Spain. Since the Iberian Union of 1580, Portugal had been governed by the Spanish Habsburgs, and its currency system was increasingly subordinated to Madrid's imperial and military finances. The primary currency in circulation was the Portuguese real, but the period was characterized by severe coinage debasement. To fund Spain's costly involvement in the Thirty Years' War and ongoing conflicts with the Dutch Republic, the crown repeatedly reduced the silver content in coins like the cruzado, leading to inflation, loss of public confidence, and economic instability within Portugal.

This debasement was exacerbated by a wider European "Currency Crisis" or Kipper- und Wipperzeit, where many states manipulated coinage. Furthermore, Portugal faced a relentless drain of precious metals. While Brazilian sugar was profitable, the vast silver from Spanish America, which flowed through Seville, was primarily used to service Habsburg debts in Northern Europe rather than strengthening the Portuguese economy. Simultaneously, Portugal's lucrative Asian trade was under severe pressure from Dutch and English East India Companies, which attacked its Carreira da Índia shipping lanes, diminishing another critical source of bullion.

Consequently, the monetary environment in 1621 was one of fragmentation and uncertainty. Old, full-weight coins were hoarded, while new, debased coins circulated at fluctuating and often discounted values. This financial strain eroded the commercial foundations of the Portuguese empire and fostered growing resentment among the merchant and noble classes towards Spanish rule. These economic grievances, compounded by heavy taxation and neglect of Portuguese interests, would become significant factors fueling the movement for restoration of independence, which would successfully culminate in 1640.