Real de alerce or real de madera (Spanish for "real

Spanish real

The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...

 of Fitzroya

Fitzroya

Fitzroya is a monotypic genus in the cypress family.-Species:The single living species, Fitzroya cupressoides, is a tall, long-lived conifer native to the Andes mountains of southern Chile and Argentina, where it is an important member of the Valdivian temperate rain forests...

" and "real of wood") was a local currency

Local currency

In economics, a local currency, in its common usage, is a currency not backed by a national government , and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or...

 consisting in Fitzroya wood that was used during colonial times in Chiloé Archipelago

Chiloé Archipelago

Chiloé Archipelago consists of several islands lying off the coast of Chile. It is separated from mainland Chile by Chacao Channel in the north, the Sea of Chiloé in the east and Gulf of Corcovado to the southeast. All of the archipelago except Desertores Islands, which are part of Palena...

. It was the Jesuits, established in Chiloé since the 17th century that established Fitzroya as a mayor export product towards the Viceroyalty of Peru

Viceroyalty of Peru

Created in 1542, the Viceroyalty of Peru was a Spanish colonial administrative district that originally contained most of Spanish-ruled South America, governed from the capital of Lima...

. Real de alerce was also used by some encomenderos

Encomienda

The encomienda was a system that was employed mainly by the Spanish crown during the colonization of the Americas to regulate Native American labor....

to pay their taxes.

Sources

• Otero, Luis. La huella del fuego, page 73.