1/2 Real

Ecuador had only declared independence from Gran Colombia in 1830, and its early coinage was struck under severe institutional constraints — no established mint infrastructure, limited silver supply, and a monetary system still disentangling itself from Spanish colonial conventions. The Quito mint, operating sporadically, produced these fractional pieces in debased billon-grade silver at .666 fineness rather than the colonial standard, a deliberate reduction reflecting the new republic's constrained treasury.

KM#22 is notably short-lived, replaced within a few years as Ecuador attempted to regularize its coinage laws.