For centuries Spanish silver coinage was famous throughout the world as the standard by which other coinages were measured, due to its consistent weight and purity. The ascendancy of Spanish coinage dates from 1537 when Charles I, revising an act of 1479, promulgated exacting standards for Spanish silver and gold coins. The Spanish eight reales coin was set at a weight of 423.9 grains (27.47 grams) of .9305 fine silver. From that date the coin only depreciated some 4.4% over the next 250 years! In addition to its stability, Spanish coinage was abundant. Spanish regulated coinage was not only minted throughout Spain but was also produced in Spain's colonial possessions. As early as 1536, a year before the coinage reform, Spanish colonial silver coins were minted in Mexico City. With the discovery of major silver and gold deposits throughout the Viceroyalty of Peru (which included all of Spanish South America from what is now Panama down to Venezuela) major mints were opened in Lima, Peru (1568-1589 then reopened in 1684), Potos??, Bolivia (from 1575) and Santa Fe de Bogot??, Columbia (from 1620). Later, additional mints were located in Guatemala City (from 1733), Santiago, Chile (from 1750), and Popayan, Columbia (from 1758). From these locations, and to a lesser extent from Spain, a number of coins made their way into the English colonies.