Thus 8 reales equaled one ounce of silver and 8 escudos equaled approximately one ounce of gold. The 8 escudo piece was also known as the Onza.
Ingots bars of gold starting at one ounce and increasing in size were also cast and stamped with a royal seal.. By the time of the American revolution, Spanish or "Miller Dollars" as they became known were being exchanged at the rate of shillings to the dollar.
This would make 4 escudo coin a doubloon. In this instance the 8 escudo coin becomes the "double doubloon".
Spanish coinage was legal tender in the United States until the Coinage Act of discontinued the practice. Under the Black Flag: Find out more Killegar. Pieces of Eight Reproduction of a Mexican milled dollar eight reales. The concept of a large silver coin with high purity sometimes known as "specie" coinage had become popular throughout Europe. Check your pockets or purse. Currencies named peso or similar.
Money was the standard of large monetary transactions. Spanish Dollars were pieces of eight. Miller dollars were coins minted in the English colonies that resembled the size, weight, and quality of the Spanish dollars. The two coins were close considered interchangeable in most transactions. After the Revolution Miller dollars became the official coinage for the newly established United States. Spanish dollars continued to be used interchangeably with the new U.
Dollars for several years after the revolution. Other common coins came from Spain itself, the Netherlands, France, and a few from England.
Many of these coins reached America through trade with other nations' colonies in the Caribbean. Prevailing mercantile theory and the resulting laws attempted to steer the flow of precious metals and coins into Great Britain, rather than the colonies. Hence, coins were very valuable and, in some portions of the British North American colonies, rare. The Spanish influence on the American monetary system is still evident today. The one ounce silver coin was eight reales. This "piece of eight" could be fractioned into halves four reales or quarters two reales much as we do with modern dollars.
The modern stock market also operates in eighths of dollars.
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Pieces of eight Contributed by British Museum. Hide image caption Show image caption. Click on the image to zoom in. Copyright Trustees of the British Museum The reverse of the coin. Copyright Trustees of the British Museum Map showing where this object was made. Copyright Trustees of the British Museum.