Spanish 1772-1825 One Bit & Two Bit Silver Reales. In 1775 the Continental Congress declared the Spanish 8 real, or 8 bit dollar legal tender for the new nation and by extension these smaller fractional reales as well. Minted under Spanish rule in New Spain, these silver coins remained legal tender until 1857 and circulated through the civil war period. The 2 real originated the expression, "2 bits" and contained more silver than later U.S. quarters. The 1 real coin held the value of one-eighth of a dollar, or 12 and a half cents. The Bourbon Bust obverse and Royal Crest reverse are still clearly visible on our guaranteed Good to Fine quality. Our choice of dates.