18 Deniers – Kingdom of Valencia
Spain
Context
Years: 1681–1699
Country: Spain 
Issuer: Kingdom of Valencia
Ruler: Charles II
Currency:
Demonetized: Yes
Material
Weight: 2.3 g
Silver weight: 2.13 g
Shape: Irregular round
Composition: 92.4% Silver
Magnetic: No
Technique: Hammered
References
KM: #Click to copy to clipboard47
Numista: #109148
Value
Bullion value: $5.96
Obverse
Reverse
Edge
Mints
| Name | Mark |
|---|---|
| Valencia | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1681 | — | — | ||
| 1682 | — | — | ||
| 1683 | — | — | ||
| 1684 | — | — | ||
| 1685 | — | — | ||
| 1686 | — | — | ||
| 1687 | — | — | ||
| 1688 | — | — | ||
| 1689 | — | — | ||
| 1690 | — | — | ||
| 1691 | — | — | ||
| 1692 | — | — | ||
| 1695 | — | — | ||
| 1697 | — | — | ||
| 1698 | — | — | ||
| 1699 | — | — |
Historical background
In 1681, the Kingdom of Valencia, a component realm of the Spanish Crown under the Habsburg King Charles II, operated within a complex and strained monetary system. The kingdom officially used a bimetallic system based on the lliura (pound), divided into 20 sous (shillings) or 240 diners (pence), mirroring the traditional Catalan system. However, the reality was a chaotic circulation of diverse coins, including Castilian reales and escudos, alongside various foreign currencies from trade partners, all fluctuating in value and metal content. This proliferation was symptomatic of the wider Spanish monarchy's economic difficulties, including rampant inflation, repeated currency debasements, and a chronic shortage of precious metals.
The local economy was particularly burdened by the persistent issue of vellón—a low-value copper or billon coinage. The Crown's frequent devaluations and manipulations of vellón to finance its imperial wars and deficits caused severe price instability and a loss of public confidence in coinage. For Valencia, a major commercial and agricultural center, this monetary uncertainty disrupted trade, complicated transactions, and created friction with other regions of Spain. The problem was exacerbated by the practice of "crying" or proclaiming new official exchange rates for different coins, which often lagged behind market realities and led to confusion and arbitrage.
Consequently, the Valencian authorities, particularly the Diputació del General (the local government), were engaged in a constant struggle to manage the practical effects of this crisis. They issued tariffs and ordinances attempting to fix exchange rates and control the use of specific coins within the kingdom to protect local commerce from the worst of the Crown's monetary policies. Thus, the currency situation in 1681 Valencia was one of local resilience attempting to mitigate the fallout from a dysfunctional imperial monetary system, highlighting the tension between the kingdom's economic needs and the Crown's fiscal desperation.
The local economy was particularly burdened by the persistent issue of vellón—a low-value copper or billon coinage. The Crown's frequent devaluations and manipulations of vellón to finance its imperial wars and deficits caused severe price instability and a loss of public confidence in coinage. For Valencia, a major commercial and agricultural center, this monetary uncertainty disrupted trade, complicated transactions, and created friction with other regions of Spain. The problem was exacerbated by the practice of "crying" or proclaiming new official exchange rates for different coins, which often lagged behind market realities and led to confusion and arbitrage.
Consequently, the Valencian authorities, particularly the Diputació del General (the local government), were engaged in a constant struggle to manage the practical effects of this crisis. They issued tariffs and ordinances attempting to fix exchange rates and control the use of specific coins within the kingdom to protect local commerce from the worst of the Crown's monetary policies. Thus, the currency situation in 1681 Valencia was one of local resilience attempting to mitigate the fallout from a dysfunctional imperial monetary system, highlighting the tension between the kingdom's economic needs and the Crown's fiscal desperation.
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