The currency, which circulated in a large area of world particularly in SPAIN and SPANISH AMERICA for about three centuries, was very well known as a peso or a Spanish dollar. This coin was commonly used in many parts of the world for trade and commercial purposes for a long time but due to the reforms made to this piece of currency not only changed it physical appearance but also its value was deduced and its use was gradually ended.
This currency in its early days was a large silver piece and was known as piece of eight or real 8. In those days, the weight of the coin was 27.468 g with a fineness of 0.9305. It became very popular in 17th century when it came to India it was soon melted there. At the same time in Mexico and Peru, it was made very rapidly with a simple manner. Its fineness and thickness was deduced and it commonly started being used in a larger part of world and was the ideal substance for carrying in international trad. Tthis form of peso was known as cobs. The Mexican peso exchange was very popular. It was used for transferring mexican pesos to canadian dollars. By 1686 due to the monetary problems faced by the government, another reform was made to the coin and it was reduced to a weight of 21.912 g. However, knowing the international value of the currency, this lighter coin was only used in country and internationally the old coin was kept in use. This form of coin was not so accurately made and had sharp edges and uneven surface.
The Philippines peso was inspired by the Spanish peso and was used in Asia far-east US and Canada as colombian pesos to canadian dollars which was established on May 1st 1852 Philippine peso exchange rate was 4 0 these coins were circulated in Philippines and were regarded of a higher value than Mexican pesos. By this time in Spain the revolt was successful and the currency which lead the world for almost 3 centuries had lost its worth and supremacy. Peso was also used in Spanish Argentinain the form of peso argentino. Peso argentino was the worth there 50 pesos. The power of Spanish money gradually ended now.
