Note 54 — Chapter XX · POLITICAL REFORMS, 1479-1517

The real was a former Spanish coin of elusive value. Prior to the reign of Ferdinand and Isabella it was worth slightly more than ninety maravedís and after that reign slightly less than eighty-nine. Today the real of copper (a theoretical coin) is worth thirty-four maravedís and the real of silver sixty-eight. As the maravedí (which is no longer coined) was worth about a sixth of a cent in present-day United States money, it will be seen that the real has ranged from about fifteen to five cents in value. These amounts do not, of course, represent the actual value, or purchasing power, of the real. That cannot be determined, but it was certainly many times greater than it would be today.