|
|
Treasure for Trade
In order to purchase the fabulous treasures of the Orient, the Spanish
traded gold and silver coins that were carried to the East from the New World. The Spanish operated mines in Central and South America that exploited enslaved natives to risk their lives extracting the precious metals from the earth. The two common coins struck from these mines were the Doubloon, and the Reales.
Gold Doubloons
Doubloons were gold coins measured in units of 1,2,4,8 Escudos. Two
silver ‘pieces of eight’ equaled one Escudo gold coin, which was 85% gold and 15% silver bullion. The early term doubloon came from the word double, originally intended to measure two Escudo coin.
On the front of each doubloon was pressed the coat of arms for the King
of Spain - the Great Shield of the House of Hapsburg. The back of each doubloon featured the Crusader’s Cross, symbolizing the Spanish union of Church and State. With in the cross, a lion for the Province of Leon, and a castle for the Province of Castille appears.
Silver Reales
The silver reales, or Pieces of Eight, were crafted by hand, one at a
time - no two looked quite the same. Spain did not care whether the imprint on the coin was centered, or even if the coin was circular ! The coins were struck for weight, and were 92-98% pure silver.
Value
One silver reales was the equivalent of a working man’s earnings for a
full month of work. And a doubloon was the equivalent of two full months of work. It is not hard to imagine the economic freedom the capture of a galleon loaded with doubloons and reales represented to the poor sailors-turned-pirates who preyed on the ships sailing the trade route to the Orient, when the Spanish ships were heavy with gold and silver coin. Likewise, on their return trip, he ships represented a royal treasury afloat and comparatively defenseless in the eyes of bold pirates and privateers. One in the Orient, these metals were so valued that they were accepted as trade for the fabulous treasures that began to leave the Orient for European royal treasuries and aristocratic necks, wrists, fingers, and ball gowns, suits, and palatial decorations.
|