8 Reales – State of Chihuahua

In 1815, the currency situation in the State of Chihuahua was one of profound instability and scarcity, a direct consequence of the ongoing Mexican War of Independence (1810-1821). The region, a key royalist stronghold and economic hub due to its silver mines, found itself caught between the financial demands of the Spanish Crown and the disruptive tactics of insurgent forces. Royalist authorities, headquartered in the city of Chihuahua, struggled to maintain a steady supply of official currency (Spanish coins like reales and pesos) as mining production was disrupted and traditional trade routes to central Mexico were severed or became perilously unsafe.

This scarcity led to a severe liquidity crisis, forcing both the royalist government and local merchants to improvise. The most common solution was the issuance of tlacos or fichas, which were crude tokens made of copper, brass, or even leather, intended as low-denomination promissory notes redeemable only at specific haciendas, merchant houses, or military outposts. Furthermore, to fund military campaigns against insurgents like José María Morelos, the royalist commander General José de la Cruz authorized the emergency minting of crude silver coins, often of irregular weight and purity, at the Chihuahua mint. These emergency issues created a multi-tiered and chaotic monetary environment where the value of money was highly localized and uncertain.

Ultimately, the currency landscape of Chihuahua in 1815 reflected the fractured state of the nation itself. The coexistence of scarce official coinage, privately issued tokens, and emergency military currency eroded public trust in the medium of exchange. This financial chaos stifled commerce, exacerbated inflation for basic goods, and placed a heavy burden on the local population, who had to navigate a patchwork of currencies of fluctuating value, all while the broader war for Mexico's future raged around them.