Coined wheels

[nkalanaga]

John:  "Two bits" is only $0.25.  The term comes from the old Spanish dollar, the classic "piece of eight", which was designed to be cut into eight pieces to make change.  It was actually legal tender in the US into the early 1800s, and a "bit", 12.5 cents, was a common item.  Our dollar was named for the Spanish dollar, and was set at the same value.

[Lemosteam]

John:  "Two bits" is only $0.25.  The term comes from the old Spanish dollar, the classic "piece of eight", which was designed to be cut into eight pieces to make change.  It was actually legal tender in the US into the early 1800s, and a "bit", 12.5 cents, was a common item.  Our dollar was named for the Spanish dollar, and was set at the same value.

I stand corrected!  My dad always used that term when handing us our fity cent allowance!

[rschaffter]

John:  "Two bits" is only $0.25.  The term comes from the old Spanish dollar, the classic "piece of eight", which was designed to be cut into eight pieces to make change.  It was actually legal tender in the US into the early 1800s, and a "bit", 12.5 cents, was a common item.  Our dollar was named for the Spanish dollar, and was set at the same value.

Until 1997, stocks on the New York Stock exchange were priced in 1/8 Dollar increments, for the reasons cited above...

[nkalanaga]

Interesting.  I can remember the stock prices being "and so-many-eighths", but didn't know that was related to the Spanish dollar. 

Isn't it amazing what one can learn through model railroading?