Since the arrival of the conquistadores in 1524 in Guatemala, European currencies started to circulate, primarily Spanish and later on Mexican, Peruvian and Bolivian. They are used in very small amounts and mostly of high-value, since coins of a fraction of the currency are almost nonexistent, which is why the use of the native currency pattern (cocoa shells, feathers and skins, among other things) was predominant in the early years of the conquest and coexisted with the use of currencies, mainly with the indigenous population until the late nineteenth century.

Because along with foreign currency, lots of counterfeit currency came in, of low grade or altered. local authorities in 1662, after hearing about the Potosi Mint scam proceeded to counter-mark with a crown (pictured above), coins of 2 reales from Lima and Potosi which had the weight and lawful title, trying to distinguish them from the low grade and adultered ones and prevent fraud. These coins are known by the name of Moclón, being the first Guatemalan numismatic items, which are known to be two different types of crowns. But coins with a lower grade of gold or silver continued to come in and circulate, especially tepuzques (copper,in Nahual language) small discs of lesser quality or adulterated gold without title, only weight value, which circulated in Mexico around 1522, and later in Guatemala.

The Royal Mint was built in Guatemala under the decree of his Majesty King Philip V of January 20, 1731. It was the fourth in America, after Mexico's in 1537 Peru's in 1565 and El Potosi 's in 1572. But it was not until January 17, 1733, that Guatemala received seals and other necessary instruments, from the Mint of Mexico. It had recently received new tools in order to manufacture round coins. On March 19, 1733, the first currency in Guatemala was coined, a doubloon of sixteen escudos (shields).