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The 1/8 dollar was a feature of the old Spanish dollar (hence the term "pieces of eight", the eight pieces being known as "bits" -- "two bits" is then a quarter
by Arcorann 6y ago
The 1/8 dollar was a feature of the old Spanish dollar (hence the term "pieces of eight", the eight pieces being known as "bits" -- "two bits" is then a quarter), which is where the Americans got it in the first place. In fact, up to 2001 American stock exchanges expressed prices in 1/8 and 1/16 dollar increments (apparently 1/16 was only introduced at the NYSE in 1997).
- runarberg 6y agoAmazing, I had no idea. This was only meant as a stab at Americans and their love for their love for inches. Here is a wikipedia article about bits. https://en.wikipedia.org/wiki/Bit_%28money%29 https://en.wikipedia.org/wiki/Bit_%28money%29