A "Piece of Eight" refers to a silver coin that was widely used during the Spanish colonial period, particularly in the 16th to 19th centuries. Officially known as the Spanish dollar, it was valued at eight reales and became a standard currency in international trade. The coin was often cut into smaller pieces, which is how it got its name. The Piece of Eight was popular among pirates and traders, as it was easily recognizable and accepted in many countries. Its design typically featured the Spanish coat of arms on one side and a depiction of the Spanish crown on the other, making it a symbol of wealth and commerce during its time.