In 1775 the Continental Congress declared the Spanish 8 Reales 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 until 1857 and circulated through the civil war. This 1 Bit coin held the value of 1/8 of a dollar or 12 1/2 cents. Very Good to Fine quality. Our choice of dates.