Coin cut like a slice of pizza

I was shopping at thrift store and bought a few coins from the guy. One of the coins he had that I passed on, he called an "eight." it was an old silver coin, (denomination, year, & country of origin unknown) that had been cut into a triangle shape. He proceeded to tell me that "back in the day" people cut these coins into parsels and spent them according to silver weight. He said, " there were whole coins, 3/4s, 1/2s, 1/4s, and 1/8s (which is what he had for $20). I was wondering if anyone had ever heard of this. Did people used to cut coins with hammer and chisel to spend as silver weight? Sorry, I took no pictures.

 

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A "Piece of Eight", or a Spanish 8 reals coin was cut into "bits."
Somebody please correct me if this is wrong.

 

Of coarse. "Pieces of 8" are a 'pillar' of numismatics and the standard of coinage and commerce back in the day of high seas world exploration. They are the epitome of "pirate coinage". I suggest you read up on them

 

Until 2001, stocks were priced in eighths of a dollar.
http://www.investopedia.com/ask/answers/04/073004.asp

 

I still call a quarter 2 bits. When I was a kid that's what my Grandpa and all the old men called them and I figured it was cool if they did it.

 

No you're correct , Spanish cobs were cut to make change, there were smaller cobs minted . However most minted were 8 reales. In order to pay for something they were cut down to the cost.
Another interesting thing is you often find them with holes in them. Sailors often drilled them to wear around their neck . That made them harder to steal from a ship mate.
Also if your ship sunk you had your money tied around your neck.....if you didn't drown.

 

And this is where the phrase 'two bits' comes from
https://en.wikipedia.org/wiki/Bit_(money)

 

So, what would a good price (or fair price) to pay for one of these?

 

I cant find any on ebay that have been cut like the one I saw today.

 

A shave and a haircut two bits. One "Bit" is 12 1/2 cents. It has a long rich history.

 

Depends on the age of it. The earlier the better generally unless it has a counterstamp, then it's even better

 

Look up pieces of eight or Spanish dollar on wikipedia. Do a little research, coin weight, diameter and such. Anyone can take a worn out silver coin worth eight dollars, cut it into eight pieces,sell them at $20 each.

 

Yes but the cuts will be fresh. A contemporaneously cut milled dollar would have circulated and the edges of the cut will be worn like the surfaces and details of the coin.

 

I wont see this guy again until Wednesday or thursday probably. I told him I wanted to take a closer look at it. Is there anything I should know? What's a fair price for one of these? Im sure this varys greatly. But I definitely want to make sure I don't buy something from a souvenir shop. His definitely resembles the pictures I've seen online. I just don't want to pass up a good deal (if it is one).

 

That is very true. They would be. And everyone knows that. But when a dollar can be made, people get really clever. Enough to fool the general public. I'm
just saying. No offence to anyone.

 

Cutting coins goes way back, at least to the Anglo-Saxon era, when pennies were sliced in two to make literal "half-pennies." Even farthings, probably the tiniest coins imaginable, found themselves bisected into "half farthings," which probably resembled small metal flakes.



Coin cutting has a long, long, long history.

 

So, I met with this guy and came to an agreement on price that I considered an acceptable risk. Can anyone tell me if what I have is genuine? I'll take it out of the holder if I need to for better pictures.

 

Probably real, I don't know anything about authentication, but that is a quarter of a Spanish 8(?) reals, between 1772-1791.

 

Looks real to me