Re: Please Identify this Coin

On Sun, 18 Mar 2007 16:40:31 -0500, "Mr. Jaggers"
<lugburzman[at]yahoo[dot]com> wrote:


"Derek Lawler" <dereksl2@xxxxxxxxxxxxx> wrote in message
news:5657j3F277s29U1@xxxxxxxxxxxxxxxxxxxxx
Thanks Jim. That information pretty much fills us in on the value. He
might just decide to keep it for sentimental reasons.

Derek

Keeping it for historical reasons is even better. The Spanish-American
"dollars" were the mainstay of the U.S. economy until they were outlawed in
1857.

I think "demonetised" is the right word here. "Outlawed" is a tad over
the top, as it implies that the coins would in some way be illegal to
own.

I'm sure that the reality was that they continued in circulation for
some time thereafter.

Until then, these coins were literally cut into halves (four bits or
reals), fourths (two bits or reals), and eighths (one bit, or one real) for
the purpose of making change. This is the main reason that our "decimal"
system nevertheless contains one non-decimal denomination, the 25-cent
piece.

And why the newly reformed Venezuelan system contains a 12 1/2 cent
piece.

When silver was brought to the mint, the owner had the choice of
having it made into 8-, 4-, 2-, 1-, 1/2-, or 1/4-real coins, but it was most
convenient and profitable to have it made into the 8 reales, which is why
these things are so common.

A bit (shaped like a piece of pie, yum!), then, would have been the
equivalent of 12 1/2 cents. You should tell your Haitian friend that his
own country produced some copper coins denominated at 6 1/4 cents (actually
centimes), which would have been the equivalent of half a bit, or one
sixteenth of a piece of eight. Seeing as how most people freak out when
fractions enter the picture, I'd better quit now. 8>)

James


Padraic

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