The Spanish Pistole, a gold coin which saw service in Early America

Many Spanish coins circulated in the American colonies including the Spanish Pistole or two escudo coin.

The term "Pistole" was originally a French word and how it was applied to first a French coin and then a Spanish coin is unclear. The "French Pistole" was a name applied to the Louis d'Or. Both of these coins were worth around four dollars or 16 British shillings in Colonial times.


Spain 2 Escudos "Pistole" 1776 Madrid Charles III
Gold, 23.0 mm, 6.74 gm

In 1766 Benjamin Franklin visited Gottingen University in Germany where he was interviewed by a professor.

"Hard money, as said before, is still scarce in the colonies, and more so in North America than in some of the Sugar Islands (Caribbean islands)."

"The coinage most current in the colonies in business is the Spanish pieces of eight and Spanish gold pistoles. The first are worth in England 4s. 8d., in the colonies 7s. 6d. The latter are worth only 27s. They would be higher, but generally they are so clipped and cut that their value has fallen."

 

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Neat! We're these gold coins only produced in Spain? I can't recall any that were made in the Americas except silver pieces. Of course, it's not my area of either! I do have a nice coin issued by the city of Gottingen during the Kipper period.

 

These were made in both Spain and colonial mints. I recently bought this Spanish one because 1776:


The colonial mints made 1, 2, 4, and 8 escudo pieces. I think a few made 1/2 escudo pieces, but mine is Spanish. The 1, 2, and 8 escudos are Mexican and the 4 escudos is Colombian (Popayan mint).