Until 1821, the Spanish colonial real circulated in Venezuela. Some of these coins were minted at the Caracas Royal Mint (Spanish: "Real Casa de Moneda de Caracas") established in 1802. Coins minted in Caracas were called Venezuelan reales. On 27 August 1811, with the United States of Venezuela ("Estados Unidos de Venezuela") having declared their independence, the recently established Supreme Congress of Venezuela ("Congreso Supremo de Venezuela") establishes the peso with an equivalence of 8 reales to 1 peso and an initial issue of one million pesos in paper money.