The Story | Bearing Witness

The Spanish “dollar,” or piece of eight, was commonly circulated currency and used as legal tender in several nations, including the United States, prior to the mid-1800s. China’s trade with European and American merchants specified Spanish silver coin as the medium of exchange. The 8 Reales coin was called the piece of eight because it could be divided like a pie into eight pieces or “bits” of lesser value.  

Made in Mexico City at the first European mint established in the Americas, coins like this one, which were 91.6% pure silver in the early 1700s, were sometimes melted down to be recycled into new items. This 8 Reales coin bears the royal armorial device and inscription for Philip V of Spain (1683–1746), who reigned from 1700 until his death. 