Abstract

TORRES MORENO, James Vladimir. Sencillos and Pieces of Eight. The Issue of Low Denomination Coinage in New Kingdom of Granada during the Second Half of the 18^th Century. Anu. colomb. hist. soc. cult. [online]. 2013, vol.40, n.1, pp.179-212. ISSN 0120-2456.

One of the challenges for a well-functioning monetary system in the Spanish colonies was the supply of low denomination coinage. This article analyzes the problem of the apparent scarcity of this type of coinage, and its impact on the efficiency of the economy in New Granada. To accomplish this, it was necessary to construct a detailed account of issuances from the two mints in the Viceroyalty of New Granada and analyze the mechanisms of exchange for small transactions. Findings show that New Granada issued greater quantities of low denomination currency than other areas in Spanish America. This allowed for more stable forms of payment which were better suited for small transactions. Therefore, the economy of New Granada featured lower transaction costs and, in many ways, functioned more efficiently.

Keywords : monetary history; colonial economy; currency; New Kingdom of Granada.

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