Doubloon

The doubloon (from Spanish doblón, meaning "double") was a two-escudo or 32-real gold coin; weighing 6.867 grams (0.218 troy ounces) in 1537, and 6.766 grams from 1728, of .92 fine gold (22-carat gold). Doubloons were minted in Spain, Mexico, Peru, and Nueva Granada. The term was first used to describe the golden excelente either because of its value of two ducats or because of the double portrait of Ferdinand and Isabella.

In the New World Spanish gold coins were minted in one, two, four, and eight escudo denominations. The two escudo piece was called a "pistole,"; the large eight escudo coin was called a "quadruple pistole" or, at first, a double doubloon. English colonists would come to call it the Spanish doubloon.

After the War of 1812, doubloons were valued in Nova Scotia at the rate of £4 and became the dominant coin there.

Doubloons marked "2 S" are equivalent to four dollars in US gold coins and were traded in that manner. Small 1/2-escudo coins (similar to a US $1 gold piece) have no value marked on them but were worth a Spanish milled dollar in trade.