Pirates & Privateers : What exactly is Piece of Eight?

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Question of yo ho a pirate's life for me !!!! (04.05.2016): What exactly is Piece of Eight?
A: The eight coins (also known as the “real de a ocho”, “Spanish dollar”, and the “eight-real coin”) were minted by the Spaniards from the silver from the New World (the Americas).

They are often cut into pieces to serve as a small change because their value was calculated based on their weight in precious metal.

The piece of eight traveled a lot in the coffers of the Spanish ships for several hundred years, and became the current pirate booty.

A piece of eight was worth 8 silver reals (8 times 1 real).
See all the currency equivalents of the piece of eight here.

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