1/2 Real

Honduras declared independence from Spain in 1821 as part of the Central American federation, but the monetary infrastructure took years to stabilize. This 1823 issue predates the formal dissolution of the Federal Republic of Central America and was struck under conditions of administrative uncertainty, with mint operations inherited from colonial-era facilities that had not been designed to function autonomously.

KM#10 is among the earliest coinage attributable specifically to Honduras rather than the broader Central American authority.