This was the era when Spain claimed the Mexican and South American gold and silver. They where minted both in Spain and Mexico on a massive scale and for more then a century around the 16th century the most widely used currency in the world.

Before the widespread use of paper currency, getting enough gold and silver for currency was a big issue and the Peso was used globally more because it was available in large numbers then because Spain was a major trading country.

Spain let themselves become entirly dependent on the influx of cash and the country inploded when the cash flow ran out. Spain went into a sharp decline in the 17th century, not long before the US revolution against England. If not for that, Spain probably would have more impact on the US culturally.

Jay