In Spain Montiano’s scheme intrigued the Council of the Indies. It agreed that a change in the intrinsic value of money was always a “delicate matter,” but the Council saw a chance to eliminate illicit trade and to retire an outstanding debt with only a quarter of the sum due. In February, 1746, therefore, upon recommendation of the Council, the king ordered the viceroy to mint specie worth 150,000 pesos in Mexico (to be valued in Florida at 600,000 pesos). Engraved on one side of these new coins was to be the coat of arms of Philip V and on the other a nosegay of flowers. There were to be three denominations of gold coins, worth 100,000 pesos, and three denominations of silver coins, worth 50,000 pesos. When this new money reached Florida, residents were to exchange the old money for the new. If a Floridian left the colony, the royal treasury officials in Saint Augustine would exchange his Florida money for the usual colonial pesos, held on deposit after the original exchange process occurred. [Note: Cedula, El Pardo 2/24/1746] For some reason, the 150,000 pesos never reached Florida. Either the viceroy ignored the cedula ordering the new coins or else the ship carrying the money went to the bottom of the Bahama Channel; despite the support of the king and the Council, nothing came of Montiano’s debasement plan. (Tepaske GSF)