Spanish real
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The real was a unit of currency in Spain for several centuries.
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[edit] Early history
The first real was introduced by King Pedro I at a value of 3 maravedíes. This rate of exchange increased until 1497, when the real was fixed at a value of 34 maravedíes.
[edit] 17th century
In 1642, two distinct reales were created, the real de plata (made of silver) and the real de vellón (made of billon, or "less than half silver"). The exchange rate between these two coins was set at 2 reales de vellón = 1 real de plata. The maravedí was tied to the real de vellón, causing the real de plata to be worth 68 maravedíes.
[edit] 18th century
The real de plata fuerte was introduced in 1737 at a value of 2½ reales de vellón or 85 maravedíes. This real was the standard, issued as coins until the early 19th century. Denominations of ½, 1, 2, 4 and 8 reales were produced, the last of these being the Spanish dollar or peso (the famous "pieces of eight"). Gold coins were issued worth ½, 1, 2, 4 and 8 escudos (each escudo was equal to 16 reales de plata fuerte).
[edit] 19th century
The real de vellón was introduced as a coin in 1808, together with pieces worth 2, 4, 10, 20, 80, 160 and 320 reales. The higher denominations were equivalent to 4 and 8 reales de plata fuerte and 2, 4 and 8 escudos. These coins were issued and circulated alongside real de plata fuerte and escudo coins.
[edit] Decimalization
The real de vellón, now just called the real, was adopted as the chief unit in Spain's first decimal currency, introduced in 1850. To begin with, subsidiary pieces were issued denominated in tenths (decimas) of a real, later they were denominated in hundredths (céntimos) of a real. The real replaced the Catalan peseta in 1850, at a rate of 1 peseta = 4 reales.
In 1864, the real was replaced by a new escudo worth 10 reales (i.e., not equivalent to the earlier escudo).
This second escudo was itself replaced in 1868 by the peseta at a rate of 1 peseta = 0.4 escudos = 4 reales. Consequently, the term real lived on, meaning a quarter of a peseta.
