when exchanged for $4 or 32 reales in silver, traded at a high gold-silver ratio of 16 (since each real contained 3.833 g of 0.917 silver). Since the prevailing ratio in Europe was 15 in most of the 18th century, doubloons occasionally traded at a discount to this amount, at 30-32 reales.

In Spain, doubloons were current for $4 (four duros, or 80 reales de vellón) up to the middle of the 19th century. Isabella II of Spain