In February 1703, Philip V issued a decree, by way of reprisal, to confiscate all the silver that had come with the treasure fleet belonging to the English and Dutch, totalling four million pesos. In addition, the King decided to borrow two million pesos from what had come for the Spanish traders and the Consulate of Seville. In total, Philip managed to keep nearly seven million pesos, representing over half the silver from the fleet, amounting to the biggest sum in history obtained from the American trade by any Spanish king. The result was an immense financial windfall for Philip V.