To commemorate the 500th anniversary of the birth of Miguel López de Legazpi, a conqueror of importance who colonised the Philippines and founded the capital city of Manila, the Spanish Royal Mint wished to issue a silver coin in his honour.
The obverse of this silver proof-minted coin portrays H.M. the King of Spain in profile, while the reverse reproduces a fragment of a portrait of Legazpi, painted by the Philippine artist Juan Luna, beside him a ship from that period.
