These coins 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. As the coins of Spain they were used across the vast Spanish Empire, stretching from. Pieces of eight were legal tender in the USA until 1857 Pieces of eight were the world's first global currency. The American dollar used today was based on the Spanish dollar. 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. Made of silver, they were in nearly worldwide circulation by the late 19th century and were legal currency in the United States until 1857. Pieces of eight are historical Spanish dollar coins minted in the Americas from the late 15th century through the 19th century.
