Spanish Conquistadores and missionaries flocked to the Americas in search of wealth or in hopes of spreading the Gospel in the New World. Most of the mineral wealth they could gather was melted and turned into coins. The screw press coins were not struck by hand, but machine pressed to make near perfect coins.
The decree of Philip V to produce pillar dollars created the basis for a world monetary system for all countries. These coins had the Coat of Arms on the reverse side and the Pillars of Hercules on the obverse side. The advent of the screw press made the production of coins much more efficient and ensured that no extra chiseling of silver from the coins took place.