Pieces of Eight and Doubloons
Pieces of Eight and Doubloons are two common terms thrown around quite liberally in the popular notions of piracy and the Spanish Main, but what exactly are they?
During the “Golden Age of Piracy” a “Piece of Eight” was a Spanish coin of silver weighing roughly one ounce (27.47g = 8R). However, unlike today's American dollar, which is based on a system of 100, the Piece of Eight was worth eight of Spain's small common denomination, the real.
It may sound awkward today, but for many years the world’s monetary system embraced the notion of “eighths.” Even the U.S. Dollar also was divided into eight pieces or bits (remember the nursery rhyme "two bits, four bits, six bits, a dollar"?) The earliest US currency bore the legend “Redeemable in Spanish milled dollars,” reflecting the trust that was placed in value of the well-known “piece of eight.”
As happens frequently today, any silver Spanish coin from this period - 1, 2, 4, and 8 real pieces - might be referred as a "Piece of Eight,” but this is incorrect. It was only the 8-reales coin that truly bore this title. Sometimes, though, the coins would be cut into smaller pieces to make “change.” For example, if you cut an 8-reales coin in half, each piece would be worth four reales. Because the coins were made of pure silver, cutting them into pieces would only affect their appearance. It did nothing to decrease their value.
Where does that leave the doubloon? The word “doubloon” was a slang term for a large gold coin. Spanish gold coins were based on the escudo. One escudo was worth 16 reales, or two Pieces of Eight. Gold coins came in denominations of 1, 2, 4, and 8 escudos pieces. A doubloon was equal to eight escudos or sixteen 8-real coins.
During the “Golden Age of Piracy” a “Piece of Eight” was a Spanish coin of silver weighing roughly one ounce (27.47g = 8R). However, unlike today's American dollar, which is based on a system of 100, the Piece of Eight was worth eight of Spain's small common denomination, the real.
It may sound awkward today, but for many years the world’s monetary system embraced the notion of “eighths.” Even the U.S. Dollar also was divided into eight pieces or bits (remember the nursery rhyme "two bits, four bits, six bits, a dollar"?) The earliest US currency bore the legend “Redeemable in Spanish milled dollars,” reflecting the trust that was placed in value of the well-known “piece of eight.”
As happens frequently today, any silver Spanish coin from this period - 1, 2, 4, and 8 real pieces - might be referred as a "Piece of Eight,” but this is incorrect. It was only the 8-reales coin that truly bore this title. Sometimes, though, the coins would be cut into smaller pieces to make “change.” For example, if you cut an 8-reales coin in half, each piece would be worth four reales. Because the coins were made of pure silver, cutting them into pieces would only affect their appearance. It did nothing to decrease their value.
Where does that leave the doubloon? The word “doubloon” was a slang term for a large gold coin. Spanish gold coins were based on the escudo. One escudo was worth 16 reales, or two Pieces of Eight. Gold coins came in denominations of 1, 2, 4, and 8 escudos pieces. A doubloon was equal to eight escudos or sixteen 8-real coins.
