What are pieces Of eight?
Pieces of eight are historical Spanish dollar coins minted in the Americas from the late 15th century through the 19th century. Made of silver, they were in nearly worldwide circulation by the late 19th century and were legal currency in the United States until 1857. The Spanish dollar coin was worth eight reales and could be physically cut into eight pieces, or “bits,” to make change — hence the colloquial name “pieces of eight.” The dollar coin could also be cut into quarters, and “two bits” became American slang for a quarter dollar, or 25 cents. The American dollar used today was based on the Spanish dollar. Pieces of eight have long been associated with pirates, because they were a common target for the outlaws, as large amounts were regularly shipped from the American colonies to Spain. In addition, Spanish traders carried pieces of eight to Manila in the Philippines, once or twice a year to trade for Chinese goods. Many pirates became rich intercepting ships carrying pieces of e
Pieces of eight were old Spanish coins which were in circulation between the late 16th and late 19th centuries. The coins were made of silver and known as a silver dollar. Early coins were made of precious metals such as silver and gold so the weight of the coin – and hence the metal content – was key in determining value. This also meant that coins were sometimes physically cut into pieces. That was the origin of the term “pieces of eight”. A full silver dollar was worth eight reales in the currency of the time. Thus it was frequently cut into up to eight pieces, or bits, each worth one reale. Rather confusingly the term “piece of eight” is used to refer to a full dollar coin rather than the individual pieces into which it could be cut. Sixteen of these full silver pieces of eight – 16 * 8 = 128 reales – were equivalent to one gold doubloon. Many pieces of eight were minted in the US and then transported around the world by sea. For this reason they were often found on treasure ships
