The coinage of Mexico and Central and South America takes us back to the sixteenth century, when American mints were opened and struck Spanish colonial coins, which, as we have seen above, formed the chief currency of the American continent for nearly three centuries. On Plate VI. are shown an Eight Real piece, or "Piece of Eight," struck in Peru by Philip IV. of Spain in 1677 (Fig. 38), and a Two Real piece struck by Charles IV. in 1795 (Fig. 39). The landing of Fernando Cortez in 1518 resulted in the complete reduction of Mexico within four years; Plate VI., Fig. 40, a Two Real piece of the Emperor Charles V. (Charles I. of Spain), is one of the earliest coins struck at the Mexican mint after it was opened in 1535. Until the end of the eighteenth century the Spanish colonies in America remained under the control of Spain, and the chief cause of their disaffection was the exposure of the weakness of Spain in the Napoleonic wars. Mexico was one of the earliest to revolt; the rebels were led by the priest Hidalgo in 1810 and, on his execution in the following year, by another priest, Morelos, under whom were struck coins of the type figured on Plate VI., No. 41, bearing on the obverse the date and mark of value, and on the reverse a bow and arrow and the word "Sud" implying his command of the southern army. Independence was declared in 1813, but Spanish control restored in 1820, and the country finally won its independence in the following year under Augustin Iturbide, who was later declared emperor. An Eight Real piece with a fine portrait of Augustin as Emperor of Mexico is shown on Plate VI., Fig. 42. In 1823 a federal republic was formed which received recognition from Spain ten years later.