The History of Piastres: A Unit of Currency Used in Colonial America

Piastres were a unit of currency used in several countries in the Americas during the colonial period. The name "piastre" comes from the Spanish word "pieza," which means "coin." Piastres were issued by the Spanish and Portuguese colonies in the New World, as well as by some independent republics and kingdoms that emerged after independence.

The value of piastres varied depending on the country and time period, but generally, they were worth about 1/8 of a Spanish dollar or 1/10 of a Portuguese real. Piastres were used for everyday transactions, such as buying goods and services, paying taxes, and settling debts. They were also used as a form of currency in international trade between the colonies and Europe.

Some examples of countries that used piastres include:

* Mexico: The Mexican peso was originally based on the Spanish dollar, and was divided into 8 reales, with each real being equal to 2 piastres.
* Peru: The Peruvian sol was originally based on the Spanish dollar, and was divided into 10 piastres.
* Cuba: The Cuban peso was originally based on the Spanish dollar, and was divided into 8 reales, with each real being equal to 2 piastres.
* Puerto Rico: The Puerto Rican peso was originally based on the Spanish dollar, and was divided into 8 reales, with each real being equal to 2 piastres.

Over time, many of these colonies and countries began to issue their own paper currency, which replaced the use of piastres. Today, the term "piastre" is no longer used as a unit of currency, but it remains an important part of the history of money in the Americas.