4618) Did You Know Series (146) "The Real de a Ocho - Roots of Canadian Currency", Canada: Part I - The Royal Canadian Mint (RCM) has issued a $20 (Twenty Dollars - CAN) Silver Proof Coin which highlights the Evolution of Canadian Currency from the influence of the Spanish Real de a Ocho: A Joint issue brought out by the RCM and Spain’s FNMT - Real Casa de la Moneda: Date/Year of Joint issue: 29.06.2026:
Links:
The "Real de a Ocho - Roots of Canadian Currency":
A Joint Issue between Spain and Canada honouring the Real de a Ocho coin took place on 29 June 2026, when the Royal Canadian Mint and the Spanish Royal Mint (FNMT-RCM) released a collaborative set of silver coins.
This marked the first-ever joint issuance between the two mints, commemorating the historical influence of the Spanish dollar on Canadian currency.
Historical Context:
Real de a Ocho (Spanish Dollar): Minted primarily in Mexico and other Spanish colonies, it became the world’s first truly global currency in the 16th–19th centuries.
Influence in Canada:
After the Treaty of Paris (1763), Canada came under British rule, but Britain restricted local coinage.
The Real de a Ocho filled the monetary vacuum, circulating widely in Canada during the 18th and 19th centuries.
Systems like the Halifax Rating (1750) fixed its value at 5 local shillings, making it the de facto standard in Nova Scotia and other provinces.
Even after attempts to impose sterling, Spanish Silver remained dominant until Canada adopted its own coinage in 1858, modelled on the dollar system derived from the Real de a Ocho.
The 2026 Joint Issue:
Date of Issue: 29 June 2026
Institutions: Royal Canadian Mint (RCM) & Fábrica Nacional de Moneda y Timbre – Real Casa de la Moneda (Spain).
Coins Released:
Two 1-ounce Silver Coins (999 purity), one Canadian and one Spanish.
Both Coins honour the 8 reales columnario (Mexican mint), symbolising the shared monetary heritage.
Significance:
- First-ever joint coinage between Canada and Spain.
- Celebrates the Real de a Ocho as the precursor of the Canadian dollar.
- Highlights the deep historical ties between Spanish colonial silver and Canadian monetary evolution.
The Royal Canadian Mint (RCM) launch the first-ever joint issue with Spain’s FNMT - Real Casa de la Moneda.
Titled "The Real de a Ocho - Roots of Canadian Currency", the influence of the Spanish Real de a Ocho was particularly significant in the territories that later formed Canada.
These coins dominated monetary circulation for much of the 18th and 19th centuries, being used in trade and the daily economic life of the North American colonies.
The Canadian experience with the eight reales began as it was the most common silver coin in circulation, including their fractional pieces which were officially recognised as legal tender in Canada under colonial law, and pre-dating confederation in 1867.
Local merchants and governments utilised exchange systems such as the ‘Halifax rating’ to calculate the exact value of goods in Spanish dollars.
The Reale coins prepared Canada to eventually develop and adopt a dollar and cent system of exchange pre and post-confederation.
Spanish eight reales coins were frequently physically cut into two, four or eight pieces or ‘bits’ to make change, which is the origin of the term ‘two bits’ commonly used in North America which meant a quarter dollar.
Spanish and Mexican eight reales coins officially ceased to be legal tender as the colony began aligning its currency with the decimal system and the U.S. dollar.
Following Confederation in 1867, the Dominion of Canada issued its first standardised national coinage from 1870.
While the rest of British North America eventually based their decimal currencies on the US dollar, Newfoundland adopted a monetary unit directly based on the Spanish dollar, which kept its currency slightly stronger than the Canadian dollar until 1895.
The Reverse of the coin replicates its distinctive design of eight reales coins minted during the rule of King Carlos III from 1759 until 1788.
The design depicts the "Pillars of Hercules" along with the motto "PLUS ULTRA" (meaning "far beyond") placed on either side of the Royal Crest of Spain depicting the kingdoms of Castile and Leon which were the united realms of Ferdinand and Isabella.
The design is surrounded by the legend "HISPAN ● ET IND ● REX ● Mo ● 8R ● F ● F ● The legend HISPAN ● ET IND ● REX" or, "Hispaniarum Et Indiarum Rex" indicated the Spanish monarch was King of Spain and the Indies.
The mintmark "Mo" indicated the coin was produced at the Mexico City Mint which was established in 1535. The denomination "8R" indicated the "8 Reales" face value and "F ● F ●" were the initials of the assayers "Francisco de la Fuente" and "Francisco Antonio de Acevedo" who verified the coin's weight and silver purity.
The Obverse includes the left facing effigy of Charles III designed by Steven Rosati.
The peripheral inscription reads - "CHARLES III. CANADA. 2026. D.G.REX."
The denomination 20 DOLLARS is placed below the effigy along the lower periphery.
Denomination Metal Weight Diameter Quality Maximum Mintage
20 Dollars .999 Silver 31.1 g. 37.2 mm. Proof 6,500 sets
- Each Proof quality coin is encapsulated and presented in a custom two-coin case accompanied with certificates of authenticity from the both the Royal Canadian Mint and FNMT - Real Casa de la Moneda.
- Of the 6,500 sets that comprise the worldwide mintage, 4.000 sets will be distributed exclusively in the Americas.
Links:
The "Real de a Ocho - Roots of Canadian Currency":
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Santosh Khanna has commented:
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