Spanish Vellon
About Spanish Vellon
A debased silver or copper coin used for small transactions in Spain and its colonies. The vellon system caused chronic inflation as the coins were overvalued relative to their metal content. The Spanish government repeatedly issued vellon to finance wars, then demonetized it when inflation worsened. The vellon crisis of the 1600s was one of the earliest examples of the damage caused by fiat coinage. The coins were widely counterfeited and despised by the public.
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