The first global currency, Pieces
of Eight originated in European Spain and made by Native American slaves in
around the 1600’s. According to the British museum, in 1600 one coin would have
been worth the equivalent of a modern £50 note (British museum,2014). That’s equivalent
to a fifty-dollar bill in US dollars. The design of this coin is very
significant because on the face it carries an imprint of the rulers of Spain,
who had the most power.
The use of this coin traveled across
many other countries and was used out side of the empire (British museum,2014).
The coin’s material was made up of gold and metal. What determined the value of
that coin was not the material but the weight of that coin. This coin lasted
from 1600’s to until around 1900th c. This currency was important because,
all empires require money in order to operate. Sometimes this coin was broken into
pieces to be used as change. For business owners, a single coin would be given
to employees as pay for two weeks. Like our modern day coin currency, the
ridges on the sides were as well on the first coins.
As for Americas British colonies,
the Pieces of Eight became very useful because after some time British currency
had become limited. After many years the Pieces of Eight has a long lasting use
of coins. Now that we are in the 20th century, coins are still
relevant to our daily use. Although coins do not have as much value as the 1600th
c. it is still valued and used today, as well as dollar bills.