America's First Silver Dollar - The Piece of Eight

No other coin has a richer and more romantic history than the 8 Reales or “Piece of Eight”. This coin was made in Mexico but circulated widely in the American colonies. Used by Pirates, Pilgrims and Colonists in the New World, this was a legal form of tender in the United States up until the Civil War. One side shows the Spanish king, while the other depicts the Spanish shield and crown flanked by pillars and ribbons, which are the origin of the Dollar sign ($).

The coin was known as a “Piece of Eight” because it was valued at eight Reales. The 8 Real was often cut into 8 "bits" to make change, with each bit worth 12 1/2 cents. In 1776, Thomas Jefferson recommended to the Continental Congress that this widely-used Spanish coin should be adopted as the official U.S. silver dollar and for over 80 years it served as legal tender for our newly formed country.

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