Many of the silver spanish Reales - or "Pieces of 8" recovered from famous shipwrecks, or found in buried treasure caches, are minted with the Pillars and Waves design. They are some of the most detailed and beautiful coins produced in the Spanish colonies, as the design actually tells the story of the Spanish conquest of the “New World.”
But to understand how exactly to read them, it is helpful to take a brief trip back in time...
Inspired by Cortés’ success in “conquering” Mexico, Francisco Pizarro González made several attempts to conquer Peru (including what is present-day Bolivia), and finally succeeded in 1533. In 1546, at over 15,000 feet above sea level, a mountain of silver was discovered – they called it Cerro de Potosí - some called it Cerro Rico (“rich hill”).
In 1573, the first silver coins were minted in Potosí, Upper Peru (present-day Bolivia). For the next 250 years they were loaded on mules and llamas to begin the arduous two week, 120 mile trek down the mountain to Arica (now in modern day Chile), where they were loaded on a small fleet of Spanish galleons (three or four) and other vessels that would sail north to Callao, the port at Lima.
At Callao, they would pick up more gold and silver from the Lima mine and mint. The South Seas Fleet then began the 1,300-mile voyage to Panama. There the treasure would be carried across the isthmus, then loaded on other galleons that were headed to Havana, Cuba. More galleons joined them from Mexico and other Caribbean ports, and together they headed north to Spain.
Once they reached Spain, several things could happened to the coins: 1. sometimes the king “commandeered” them to pay for wars and other debts Spain incured; 2. they were melted down and reminted in Spanish mints; 3. they were melted and made into silver plate, like religious items, tableware or jewelry; 4. they were used in trade, and that is how Spanish new-world reales, minted in South America, wound up quite literally... well, all over the world!
In ancient times, legend says that Hercules created the Pillars of Hercules (that flank the entrance to the Strait of Gibraltar) to prevent sea monsters from entering the Mediterranean from the Atlantic. The Latin phrase “NEC PLVS VLTRA” (No More Beyond) was used to describe what lay beyond the Pillars in the Atlantic Ocean. The Pillar in the north is the Rock of Gibraltar, and in the south either Monte Hacho or Jebel Musa in North Africa.
In the early 1500s, the job of organizing the Spanish Treasure Fleets coming over from the newly discovered New World mines fell to Charles I of Spain (Charles V of the Holy Roman Empire). And since the Spanish fleets sailed from the Strait of Gibraltar, his motto became “Plus Ultra,” or “More Beyond,” which today is still Spain’s national motto.
The 8 real example here is from the Spanish galleon, Consolacion, which sank in 1681 off Ecuador. It is the same design as many of the coins recovered from Princess Louisa.
Historical mint fact: only about 2 percent of the “cob” type coins minted in the New World had dates. Since the planchets were so crudely shaped, and the dates were on the outer edges of the dies, most of the time that part of the design “fell off” the planchet and were never visible. However, Potosi and Lima minted coins from 1652 to 1773 that had three dates.
Interesting fact: If you see an “L” in place of the “P” on your coin, note that the waves will also be pointing down under the date, instead of up as shown in the photo above. This means the coin was minted in Lima, Peru, as Potosi is high in the mountains, but Lima is down on Peru’s coast.
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