1 Real - Felipe V

Felipe V reclaimed the Spanish throne in 1724 after his brief, voluntary abdication in favor of his son Luis I — who died of smallpox after just seven months. The Lima mint continued striking cob-style macuquinas well into the 1730s alongside the newer milled coinage, creating an administrative overlap that complicates attribution for many surviving pieces from this period. The KM#31a designation specifically covers the assayer transition years at Lima, where different initial puncheons were used without consistent die pairing.

Lima's colonial output during this reign was subject to periodic fraud investigations; a major inquiry in 1730 found systematic underweighting by mint officials.