Obverse
Description:
L.C.M. and Morelos monogram Type A countermarks
Inscription:
L.C.M.
Mo
Mo
Reverse
Edge
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1792 | FM | — |
Historical background
In 1792, the currency situation in the Kingdom of New Spain (modern Mexico) was one of profound complexity and transition, rooted in its history as the Spanish Empire's richest silver producer. The monetary system was bimetallic, based on both silver and gold, but was overwhelmingly dominated by silver. The legendary silver real and the famed "piece of eight" (8-real coin) were the workhorses of local and international trade, minted with exceptional purity at the Mexico City Mint, the oldest in the Americas. However, circulation was chaotic, with a mix of current and worn coins, alongside a vast array of Spanish and foreign coins (like Peruvian and Colombian issues), all competing and circulating at varying values, leading to constant confusion and fraud.
This disorganization prompted a significant royal reform. In 1789, King Charles IV had authorized the creation of a new, modernized mint in Mexico City, and by 1792, the machinery for a sweeping currency overhaul was in motion. The crown sought to standardize and centralize the coinage, phasing out the hammer-struck "cob" coins in favor of meticulously engineered, machine-struck coins with milled edges to prevent clipping. The most iconic result of this effort, the silver 8-real "columnario" (showing the Pillars of Hercules), was being replaced by the new "portrait" series featuring the king's bust, symbolizing both modernization and royal authority.
Despite these top-down reforms, the everyday economic reality in 1792 remained challenging. The system was chronically short of small-denomination coins (tlacos and clacos), crucial for market transactions, leading to the continued use of token currencies often issued by merchants or municipalities. Furthermore, the colony's immense silver wealth was largely extracted for the benefit of Spain, financing imperial ambitions and often leaving local economies with liquidity shortages. Thus, 1792 represents a pivotal moment—caught between a legacy of metallic wealth and monetary disorder, and a concerted, but still incomplete, imperial project to impose order and control on the veins of silver that defined New Spain.
This disorganization prompted a significant royal reform. In 1789, King Charles IV had authorized the creation of a new, modernized mint in Mexico City, and by 1792, the machinery for a sweeping currency overhaul was in motion. The crown sought to standardize and centralize the coinage, phasing out the hammer-struck "cob" coins in favor of meticulously engineered, machine-struck coins with milled edges to prevent clipping. The most iconic result of this effort, the silver 8-real "columnario" (showing the Pillars of Hercules), was being replaced by the new "portrait" series featuring the king's bust, symbolizing both modernization and royal authority.
Despite these top-down reforms, the everyday economic reality in 1792 remained challenging. The system was chronically short of small-denomination coins (tlacos and clacos), crucial for market transactions, leading to the continued use of token currencies often issued by merchants or municipalities. Furthermore, the colony's immense silver wealth was largely extracted for the benefit of Spain, financing imperial ambitions and often leaving local economies with liquidity shortages. Thus, 1792 represents a pivotal moment—caught between a legacy of metallic wealth and monetary disorder, and a concerted, but still incomplete, imperial project to impose order and control on the veins of silver that defined New Spain.
✨ Legendary