Philip V Gold Coin
Title
Philip V Gold Coin
Description
Early modern scholars were divided on the issue of controlling colonies in Spain. Some saw holding power over colonies as beneficial for the wealth they provided, while others saw them as a distraction.
Colonies provided Spain with massive amounts of wealth. Between 1591 and 1600, treasure imported by Spain was worth approximately 14 million pesos (Hamilton, 464). Put into context, the colonial wealth accumulated between 1591-95 alone could pay the salaries and wages of all the persons in Spain for 21 and 1/3rd days (Hamilton, 464). Furthermore, many, like scholar Juan de Solórzano y Pereyra, believed it was Spain’s biblical duty to support colonization as a method of converting and civilizing Native Americans (Cowans, 164).
Yet others disagreed, and wanted Spain to stop controlling colonies. These figures argued that an obsession with empire was the cause of Spain’s woes. As José Campillo y Cossío wrote in 1762, “The treasures Spain possess in America now do more harm than good. For nine-tenths [of the proceeds] go to foreign nations” (Cowans, 218). Campillo believed that the colonies were lucrative, but that they were woefully mismanaged— breeding corruption. Yet, he still believed they could be fixed. Adam Smith, on the other hand, simply believed in removing all support sent to the colonies, writing “The colonies of Spain and Portugal… give more real encouragement to the industry of other countries than to that of Spain and Portugal” (Smith). In other words, the colonies only helped themselves and weren’t worth the headache.
In summary, all the scholars agreed that colonies were lucrative. The issue was whether or not their sometimes frustrating management was worth it, which was debated frequently. Beyond this argument, it is important to mention that these scholars weren’t the only ones studying the issue. There are entire schools of thought devoted to studying the impacts of colonialism— and not just on how it impacted Spain, but how it influenced the colonies themselves. Those ideas lie outside the scope of this passage, but are worth studying to truly understand the wide-spread impact of colonialism on different power dynamics.
Colonies provided Spain with massive amounts of wealth. Between 1591 and 1600, treasure imported by Spain was worth approximately 14 million pesos (Hamilton, 464). Put into context, the colonial wealth accumulated between 1591-95 alone could pay the salaries and wages of all the persons in Spain for 21 and 1/3rd days (Hamilton, 464). Furthermore, many, like scholar Juan de Solórzano y Pereyra, believed it was Spain’s biblical duty to support colonization as a method of converting and civilizing Native Americans (Cowans, 164).
Yet others disagreed, and wanted Spain to stop controlling colonies. These figures argued that an obsession with empire was the cause of Spain’s woes. As José Campillo y Cossío wrote in 1762, “The treasures Spain possess in America now do more harm than good. For nine-tenths [of the proceeds] go to foreign nations” (Cowans, 218). Campillo believed that the colonies were lucrative, but that they were woefully mismanaged— breeding corruption. Yet, he still believed they could be fixed. Adam Smith, on the other hand, simply believed in removing all support sent to the colonies, writing “The colonies of Spain and Portugal… give more real encouragement to the industry of other countries than to that of Spain and Portugal” (Smith). In other words, the colonies only helped themselves and weren’t worth the headache.
In summary, all the scholars agreed that colonies were lucrative. The issue was whether or not their sometimes frustrating management was worth it, which was debated frequently. Beyond this argument, it is important to mention that these scholars weren’t the only ones studying the issue. There are entire schools of thought devoted to studying the impacts of colonialism— and not just on how it impacted Spain, but how it influenced the colonies themselves. Those ideas lie outside the scope of this passage, but are worth studying to truly understand the wide-spread impact of colonialism on different power dynamics.
Creator
Coinman62
Source
Coinman62. English: Gold Half Escudo Coin of Philip V of Spain, Dated 1743.English: Χρυσό Νόμισμα Που Απεικονίζει Τον Φίλιππο Ε’ Της Ισπανίας. November 21, 2006. Transferred from en.wikipedia; transferred to Commons by User:MARKELLOS using CommonsHelper. https://commons.wikimedia.org/wiki/File:PhilipVGoldCoin.jpg.
Hamilton, Earl J. "Imports of American Gold and Silver Into Spain, 1503-1660." The Quarterly Journal of Economics 43, no. 3 (1929): 436-72. http://www.jstor.org/stable/1885920.
Juan de Solórzano y Pereyra, “Indian Policy (1648)” in Early Modern Spain: A Documentary History, ed. Jon Cowans, (Philadelphia, PA: University of Pennsylvania Press, 2003), 163-167.
José Campillo y Cossío, “A New Economic Policy for America (1762)” in Early Modern Spain: A Documentary History, ed. Jon Cowans, (Philadelphia, PA: University of Pennsylvania Press, 2003), 217-224.
“Adam Smith From The Wealth of Nations 1776 The Cost of Empire < 1776-1785 < Documents < American History From Revolution To Reconstruction and beyond.” Accessed November 13, 2018. http://www.let.rug.nl/usa/documents/1776-1785/adam-smith-from-the-wealth-of-nations-1776-the-cost-of-empire.php.
Hamilton, Earl J. "Imports of American Gold and Silver Into Spain, 1503-1660." The Quarterly Journal of Economics 43, no. 3 (1929): 436-72. http://www.jstor.org/stable/1885920.
Juan de Solórzano y Pereyra, “Indian Policy (1648)” in Early Modern Spain: A Documentary History, ed. Jon Cowans, (Philadelphia, PA: University of Pennsylvania Press, 2003), 163-167.
José Campillo y Cossío, “A New Economic Policy for America (1762)” in Early Modern Spain: A Documentary History, ed. Jon Cowans, (Philadelphia, PA: University of Pennsylvania Press, 2003), 217-224.
“Adam Smith From The Wealth of Nations 1776 The Cost of Empire < 1776-1785 < Documents < American History From Revolution To Reconstruction and beyond.” Accessed November 13, 2018. http://www.let.rug.nl/usa/documents/1776-1785/adam-smith-from-the-wealth-of-nations-1776-the-cost-of-empire.php.
Date
21 November 2006 (original upload date);
Coin is dated 1743.
Coin is dated 1743.
Contributor
Teddy Wolfe
Rights
Public Domain
Original Format
Photo of a coin
Physical Dimensions
222 × 209 pixels
Citation
Coinman62, “Philip V Gold Coin,” HIST 139 - Early Modern Europe, accessed April 25, 2026, https://earlymoderneurope.hist.sites.carleton.edu/items/show/209.