King Charles III, had ordered more hard currency into the local economy as there was an influx of paper currency and scallywags who were counterfeiting! One of the reasons why this currency was losing it’s value.
Adding to other problems…King Carlos II needed to pay his soldiers and government officials and ordered money to be transported to New Orleans, the Capitol of Spain’s Louisiana Colony.
In January of 1784, with over 19 tons of newly released silver reales coins, this massive brig set sail from Veracruz, Mexico and headed to the port of New Orleans. It was quite costly to maintain and took a very large crew to operate.
These “pieces of eight” with a silver metal purity of 90%, would be legal tender in the United States until 1857.
The El Cazador never made it to the shores of New Orleans. Suspicions arise from Pirates sinking this vessel.
In the Gulf of Mexico, August 2, 1993, a fishing trawler’s net was caught. Captain Jerry Murphy ordered the crew to hoist the net and dumped the load on their deck. To their amazement…silver coins which bore markings from the Spanish Mexico mint and the date of 1783 on many.