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A finales del siglo XVIII la Monarquia adolecia de graves problemas economicos, derivados del estado permanente de guerra en el que se hallaba sumido el Reino, que impedia la arribada de remesas de metales preciosos y suponia unos ingentes gastos, lo que llevo a que a finales del reinado de Carlos III se creasen los Vales Reales, a modo de deuda publica. Por sus caracteristicas, fueron desde el principio titulos de renta, amortizables en plazos mas o menos grandes, dependiendo de las clausulas que regian sus emisiones en un principio y mas tarde de la situacion del Tesoro Publico. In the late eighteenth century the Spanish monarchy had serious economic problems arising from the permanent state of war in which they had sunk the Kingdom, which prevented the arrival of remittances of precious metals and assumed a heavy expenses, which led to the end the reign of Carlos III the creation of the Vales Reales , a kind of public debt. By their nature, they were from the beginning income securities, redeemable in larger or smaller periods, depending on the terms governing their emissions at first and later on the status of Treasury

La creación de los Vales Reales = The creation of the Vales Reales