Spanish Piece of Eight

About Spanish Piece of Eight

The Spanish dollar or eight real coin was the first global currency. Mined from silver in Mexico and Peru, it circulated on every continent. The piece of eight was legal tender in the United States until 1857. Pirates sought these coins above all others. The coin could be cut into eight pieces, hence bits. Two bits equals a quarter dollar, still used today. The design inspired the US dollar sign. The Manila Galleon trade carried pieces of eight between Mexico and the Philippines for 250 years.