U.S. Multiple Choice General Knowledge #2

"The term two bits means 25 cents. It’s based on the sense of the word bit that refers to one eighth of a U.S. dollar, or 12 ½ cents. However, monetary amounts counted in bits were only ever given in multiples of two, as in two bits and six bits. Two bits became an informal way of referring to the value of the 25-cent coin known as the quarter. It then came to be used in a general way meaning a small amount. It’s still sometimes used this way, especially in negative statements, as in That piece of junk isn’t worth two bits or That job is like a vacation—I’d do it for two bits."

With the adoption of the decimal U.S. currency in 1794, there was no longer a U.S. coin worth $1⁄8, but "two bits" remained in the language with the meaning of $1⁄4. Because there was no 1-bit coin, a dime (10¢) was sometimes called a short bit and 15¢ a long bit. (The picayune, which was originally 1⁄2 real or 1⁄2 bit (6+1⁄4¢), was similarly transferred to the US nickel."

I think it's kind of funny to hear dimes described as short bits. I'd like to know the history behind the Spanish Dollar/piece of eight/8 reales. 8 seems odd. But I guess it'd be like breaking a dollar into dimes or quarters. I assume the widespread naming was because 1 SpanishDollar had a large purchasing power in the 1700s

I wonder what 1 Spanish dollar would be worth in 2023. Google says maybe @$25-100.