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Cob coin definition

cob coin definition

How to Read the Legendary Coins of the Spanish Main. The numerals “77” (​meaning ) are visible between the Pillars at the crest of the wave. Historical mint fact: only about 2 percent of the “cob” type coins minted in the New World. ½ real (cob) = grams [ ounces] (also known as medios). ¼ real (cob) = grams [ ounces] (also known as cuartillos). (Diameters. Exploring the New World, Spain soon discovered plenteous deposits of gold and silver. To export the precious metal to Spain quickly, the colonial mints produced​.

Cob coin definition -

They had K obverse and I reverse, each flanked by a lion and castle with the value under the I. Unlike silver, the gold coins show the king's portrait obverse. Most cobs were soon melted down to produce coins, jewelry, etc. Clipped coin tended to migrate at a small profit in commerce to cities in need of coin often those preparing a fleet for sail where hard money was accepted at, or near, face value. Monetary law of [ edit ] The value of the escudo was raised on November 23, from to mrs, and multiples were introduced. Escudo gold[ edit ] Charles, who was also Holy Roman Emperor as Karl V , reformed the gold coinage in , replacing the ducado with the escudo or corona, essentially a debased ducat. The Potosi Mint was the last to establish this advanced technology, making cobs until As these coins were easily distinguished from the greatly debased earlier cobs they were generally accepted as a suitable replacement and helped to stabilize the economy. Rather than rolling cob coin definition a bar of silver into a sheet of a specific thickness that could then be cut into smooth round planchets which would be cob coin definition into coins, a faster method was employed. Minor differences in design detail can be ascribed to a specific mint. To do this, starting in the reign of Philip II, the mints produced irregular coinage called cobs. Many clipped and lightweight Spanish cobs were melted down in Boston to make the Massachusetts silver coinage. However, even with the new regulations, as long as the assayer's office was auctioned to the highest bidder, some debasement of the Peruvian coinage continued throughout the cob period. Although not strictly coins, they did serve as money and circulated as late cob coin definition cob coin definition

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