Spain:
Silver Pistareen, 1723
The pistareen, a silver coin struck in Spain between 1707 and
1771, was first issued by the rival claimants to the throne
during the Spanish Wars of Succession (1701-1713). This coin
provided much of the small change in the British Colonies of the
West Indies until 1825 and was also used extensively in Canada
and the United States until the early part of the 19th century.
Initially the pistareen was valued at 2 reales or 1/4 part of an
8-reale piece (Spanish dollar), but because it had a reduced
silver content it was accepted only as one-fifth of the 8-reale
piece. Unpopular in Spain, the pistareen rapidly found its way to
the New World where coins were in short supply and there was
always a great need for small change. In the West Indies, the
Spanish dollar was often valued at 5 shillings, and so the
pistareen served as a shilling or was cut into fragments for
fractional denominations. Occasionally it was passed to the
unsuspecting as a quarter dollar. After the introduction of
British silver coin to the West Indian colonies in 1825, the
pistareen was driven out of circulation. In the United States the
pistareen circulated at a value of 20 cents until 1827 when it
fell to 17 cents; shortly thereafter it was demonitized - first
in the United States and then in Canada. Thus, after a century of
use, the pistareen had lost its importance in the New World. The
illustration shows the reverse of a pistareen dated 1723
struck in the reign of Philip V of Spain and bearing the arms of
Castile and Leon (castles and lions). The coin is slightly larger
than a Canadian 25-cent piece and is part of the National
Currency Collection, Bank of Canada
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