Obverse: Pillars, plvs ultra, date, mint and assayer within.
Reverse: Cross of Jerusalem, lions and castles in quarters with legend around.

Philip V became king of Spain in 1700 by virtue of the will of Charles II who died childless. He had two wives, Marie Louise of Savoy who bore him four sons, and Elizabeth Farnese, by whom he had seven children. Founder of the Spanish Bourbon dynasty, Philip’s chief interest was securing his claim to the throne of France. This passion to ascend led to many intrigues against the house of Orleans and motivated his abdication on January 10, 1724, in favor of his eldest son Louis I. Louis died within a few months. Philip reascended the throne and ruled until he died on July 9, 1746.

The silver coins of Philip V are distinguished from those of his predecessors by the addition of the Bourbon escutcheon, consisting of three fleurs-de-lis on a small shield, superimposed on the center of the Spanish coat of arms.

Starting in 1732, milled coinage was introduced at the Mexico City mint in the now famous pillar design. Cobs of the pillar and wave type continued to be minted at the colonial mints of Lima, Peru and Potosi, Bolivia.