Real coins·15 January 2026·4 min read
The piece of eight — the first truly global coin
The Spanish eight-real, struck from American silver, circulated on every continent and underpinned the dollar.
The "piece of eight" (Spanish 8-real) was the silver coin of the Spanish Empire, struck from American silver. It circulated from Europe to Asia and America — the first truly global coin.
Cut into eight
For small amounts, the coin was literally cut into eight pieces ("bits"). Hence the American phrase "two bits" for 25 cents. The dollar itself was modeled on the piece of eight.
