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The Spanish 8 Reales contains 27 grams of 90.3% silver. Spanish 8 Reales were called "Pieces of Eight" by pirates.
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The obverse depicts King Ferdinand VII. King Ferdinand VII is wearing a Roman toga and crown of wreaths.
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The reverse depicts a coat of arms flanked by the Pillars of Hercules. The Pillars of Hercules inspired the dollar sign $.
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The 8 Reales is one of the most widely traded coins in history. Spanish 8 Reales circulated in America, Asia, Europe, and Australia. Spanish 8 Reales circulated in America since colonial times. The Spanish 8 Reales inspired the US silver dollar. Spanish 8 Reales remained legal tender in the US until the Civil War.
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Chinese merchants stamped "chop marks" onto 8 Reales to authenticate them.
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Australians often drilled holes into 8 Reales, creating a "Holey dollar."
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It's common practice to cut up 8 Reales into little pieces to be spent as small change. Pieces cut from 8 Reales are called "bits." In fact, a US quarter is sometimes called "2 bits."