vellón

Spanish coin

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Last updated

July 14, 2026

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The term "vellón" refers to a debased silver coinage, often alloyed with copper, also known as billon. In Spain, during the reign of Philip III (1598–1621), the government resorted to minting large quantities of vellón to address financial problems. This action led to renewed inflation, despite a promise to cease issuing this debased currency for 20 years. The practice of minting vellón was a consequence of the government's financial difficulties and contributed to economic instability.12

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Spain
The reign of Philip III
…by the massive minting of vellón, a debased copper coinage. Although this action did not prevent the need for another moratorium on government debts, in 1608 the king promised the Cortes of Castile that the government would not issue any more vellón money for 20 years. But in 1617 and…
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…by the massive minting of vellón, a debased copper coinage. Although this action did not prevent the need for another moratorium on government debts, in 1608 the king promised the Cortes of Castile that the government would not issue any more vellón money for 20 years. But in 1617 and…
Read More