274 | Spanish Monarchy

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PHILIP V (1700-1746). 1 Escudo. (Au. 3.38g/18mm). Date partially visible, missing the last digit (1740-1746). Lima V. (Cal-Type 197). Encapsulated by NGC MS 62. A very rare specimen, especially in this beautiful condition.

This emblematic 1 Escudo coin represents the final years of macuquina (hammered) coinage at the Royal Mint of Lima, framed within the turbulent decade of the 1740s that concluded the reign of Philip V. Produced under the supervision of assayer José de Vargas y Campos (V), the coin does not show its last digit in full, which places its minting between 1740 and 1746, one of the most turbulent and crucial periods for the Spanish American colonial economy.
During this period, mints in the Indies, such as the one in Lima, operated under intense production pressure to send shipments of precious metals to Spain. The Crown was embroiled in the War of Jenkins' Ear (1739-1748) against Great Britain, a global conflict fought along the maritime routes of the Caribbean and the Pacific to break the Spanish trade monopoly. The gold minted in Lima was essential to finance the defense of the viceroyalties, maintain the colonial administrative network, and support the imperial treasury, which had been strained by the naval conflict.
The piece reflects the design typical of Lima gold fractions after the reforms of the time: on the obverse it displays the architectural front of the castle flanked by the mint mark L (Lima) and the assayer's initial V, surmounted by stars and with the face value and date in the corresponding registers; on the reverse, the Jerusalem Cross cantoned by castles, lions and small crosses within its border.
Shortly after this period, the arrival of Ferdinand VI and the gradual implementation of the screw press definitively replaced these irregular, hammered pieces with the new shields featuring a corded design and royal bust. The historical fragility of the smaller gold fractions—heavily worn down in everyday circulation or destroyed during the frequent shipwrecks and remelting of the era—makes this coarse-colored shield from the 1740s a fascinating material testament to the colonial numismatics of the Viceroyalty of Peru.