Portrait coins were not produced by any of the colonial mints until 1772. Popayan did not even produce coins until the 1750's. And even then it was mostly trial strikes and the like. It was not until the Royal Order of 1758 that it was able to operate fully.
I am looking at a 1732 4 escudo with a portrait of Phillip on the obverse and S*P*A ot the bottom of the reverse. I guess I mistook the mint mark as Popayan. Is this a Sevilla mint mark?