The “Royal” Presentation Coins of Spain The Spanish Eight Reales was the world’s first truly global currency. Struck from New World silver in the 16th and 17th centuries, these large coins — often called “pieces of eight” — became the standard of international trade and the direct ancestor of the modern dollar. What sets this example apart is that it is a Royal striking. Unlike the roughly cut cobs intended for daily commerce, Royals were produced on specially prepared, perfectly round planchets
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