4 Reales – Colombia

In 1651, the currency situation in the Kingdom of New Granada (modern Colombia) was characterized by severe scarcity and administrative chaos. The colony lacked a formal mint, forcing economic activity to rely on a confusing mixture of foreign coins, primarily Spanish silver reales (pieces of eight) and their crudely cut fractions, known as macuquinas. These irregular, hand-hammered coins circulated alongside gold escudos from other Spanish American mints, but the overall money supply was insufficient for the growing economy. This scarcity was exacerbated by Spain's mercantilist policies, which drained precious metals to the metropolis and strict trade restrictions that limited the inflow of currency.

The primary response to this shortage was the widespread use of gold dust as a de facto currency, especially in the mining regions of the Antioquia and Chocó. Merchants and officials used small scales to weigh gold dust for transactions, a practice that was informal but essential. Furthermore, the colonial government resorted to issuing proclamations to artificially fix the value of the various circulating coins, often attempting to stem inflation or prevent the hoarding of higher-quality pieces. These measures were largely ineffective, as the fundamental problem was a structural lack of minted currency within the colony itself.

This unstable monetary environment created significant obstacles to trade and governance. It facilitated fraud through the clipping of coins and the adulteration of gold dust, while also hindering tax collection and commercial contracts. The persistent crisis ultimately provided the strongest argument for local elites, who had long petitioned the Spanish Crown for a mint. Their efforts would soon bear fruit, leading to the establishment of the **Casa de Moneda in Santa Fe de Bogotá in 1621, but it only began significant operations decades later, meaning the scarcity and disorder described still defined the monetary experience of 1651.