Peso

The silver peso worth eight reales was also known in English as a Spanish dollar or "piece of eight" and was widely used for international trade from the 16th to the 19th century.

It was minted in large quantities after the discovery of silver in Mexico, Peru and Bolivia in the 16th century, and immediately became a coin of worldwide importance in international trade between Europe, Asia and North America.

This resulted in a crude, irregular coin called a cob in English and macuquina in Spanish.

However, some remained in circulation as currency; they were ideal candidates for clipping and counterfeiting due to their irregular shape and incomplete design.

Spanish laws of 1728 and 1730 ordered the mechanization of the minting of the peso so that they would be perfectly round and have milled edges.

The Spanish names at various times and in various places were real de a ocho, patacón, duro, or fuerte.

While the relationship of 8 reales = $1 (or peso duro) continued in the Americas until the 19th century, Spain struggled with the issuance of reales de vellon (made of billon alloy with less than ½ silver) of various weights and finenesses starting in 1600 due to its domestic financial and monetary problems.

Mexico minted the last eight-real peso in 1897, and at the beginning of the twentieth century these Mexican dollar coins were worth only 50 U.S. cents.

Prior to 1852 the Philippines had no currency of its own (with the exception of local copper cuartos) since pesos received from Spain and Spanish Latin America were accepted in circulation.

The name of the currency remained unchanged despite the 1896 Philippine Revolution and the subsequent declaration of independence in 1898.