Coins that the Realm
1 Reale2 Reale 4 Reale
piece of Eight and Doubloons -- Reales and also Escudos
During the golden e of Piracy, Spain produced coins in silver and gold. The silver coins were well-known as Reales (Reals) and also the gold coins, Escudos (Escudo) The chart listed below shows the denomination of each coins minted. The renowned "Piece of Eight" to be an 8 reale silver coin that had a distinctive "8" stamped right into it. It was the biggest of the silver coins weighing around one ounce.
You are watching: How much is a piece of eight worth
The yellow coins were well-known as escudos and also came in a number of denominations through the largest of these coins, the 8 escudo, weighing approximately one ounce.
The chart below gives the usual Spanish Coins offered in the American Colonies, including the English nests in phibìc America. Contradictory to the movies and books, the 8 reale coin was not normally called a Piece that Eight; that was more often referred to as a Peso, Spanish or Miller Dollar or just Dollar**. This was specifically the case in the English speaking American colonies.
There is frequently confusion about what constitutes a doubloon. Doubloon comes from the Spanish Doblón which method to double; for this reason a doubloon is a coin of dual value. Together you can see top top the chart below all Spanish coins dual in value as you go from the the smallest to largest denomination.
Some online sources claim that the 2 escudo coin is a doubloon when others insurance claim it to be the 4 escudo. Follow to the 2002 version of Encyclopedia Americana the doubloon to be the 8 escudo coin*. Because gold coins were not generally used among most of society it is feasible that any Spanish yellow coin can have been referred to as doubloons through the typical sailor or shop keeper. Doubloon was slang and was not used to officially denote any kind of of the Spanish yellow coins.
Each reale was minted to had an approximate weight of 0.1209 come 0.125 ounces the silver. Each escudo was produced from 0.1209 to 0.125 ounces the gold. Hence 8 reales equaled one oz of silver and also 8 escudos equaled around one ounce of gold. The 8 escudo piece was also known as the Onza.
Ingots (bars)of gold starting at one ounce and increasing in dimension were also cast and also stamped with a imperial seal..
See more: What Does The Expression Friend Is A Four Letter Word Meaning S By Cake
By compare the british Shilling to be 1/20 oz of silver. Thus 20 shillings made up the British lb ( £ ). The British lb was the equivalent worth of the early american dollar ($) or item of eight. (at least in weight) However, the british Crown frowned up foreign currency being offered in its colonies and also would frequently give a much lower rate of exchange on official transactions. By the time of the American revolution, Spanish or "Miller Dollars" together they ended up being known to be being exchanged at the rate of 4-8 shillings to the dollar. This is between 1/4 come 1/2 your actual value in silver!
Also by compare there were 240 british pennies (240 pence) come £1.00 Stirling. As such the smaller British coins were frequently used interchangeably through the Spanish coins, 6 pence gift worth slightly much less than a 1/4 reale. The English 1/2 coin (pronounced hay-penny) was among the smaller sized coins in typical usage.