Currencies/Guatemalan escudo
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Introduction
The Guatemalan Escudo was a gold coin denomination used in Guatemala during the Spanish colonial and early republican periods. It represented one of the main units of high-value currency before the adoption of the decimal peso and later the quetzal.
History
The escudo system was introduced to Spanish America in the 16th century, and Guatemala began minting its own escudos at the Guatemala City Mint by the 18th century. The earliest recorded Guatemalan escudo coin dates to 1751, struck under Spanish authority with the royal portrait and the mintmark “NG” (Nueva Guatemala).
Following independence from Spain in 1821, Guatemala continued to use existing colonial escudos for a period, until the decimalization reform of 1859, which replaced the escudo-based system with the peso.
The escudo was valued primarily in gold, with fixed relationships to silver reales during its circulation.
Coins
Gold coins were issued in denominations of ½, 1, 2, 4, and 8 escudos, following Spanish standards. These coins featured the reigning Spanish monarchs on the obverse—such as Ferdinand VI, Charles III, and Charles IV—and the Spanish coat of arms or the crowned pillars of Hercules on the reverse. Guatemalan escudos were struck in high-purity gold (.875 to .917 fine) and served for large commercial and government transactions.
After independence, existing Spanish escudos remained in use until local coinage was reformed. Some early republican issues bore the Guatemalan coat of arms rather than royal emblems.
Currency
During the colonial period, the monetary structure in Guatemala was:
1 Escudo = 16 Reales (silver)
8 Escudos = 1 Onza (gold ounce) This relationship linked Guatemala’s currency with the broader Spanish-American system. The escudo remained the standard gold unit until the peso replaced it in the mid-19th century.
Legacy
The Guatemalan Escudo represents the gold-based economy of colonial Central America and the region’s integration into the Spanish imperial trade network. Its transition to the peso system reflects Guatemala’s move toward monetary modernization after independence. Today, Guatemalan escudo coins are highly valued in numismatics for their historical and metallurgical significance.