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This wealth came at a terrible cost to human life Thousands of indigenous American Indians and African slaves died in the brutal conditions of the mines to support Spain's thirst for silver.. Pieces of eight were the world's first global currency As the coins of Spain they were used across the vast Spanish Empire, stretching from South America to the Philippines, but were also used outside the empire as well.

Where did the silver for pieces of eight come from?The inscription on this coin - King of the Spains and the Indies - refers to European Spain and the great new Spanish Empire in the Americas.. The silver used to create the coins and finance Spain's armies and armadas came, above all, from the 'silver mountain' of Potosi in Bolivia.. In 1600 one coin would have been worth the equivalent of a modern £50 note The front of the coin is decorated with the coat of arms of the Habsburgs, the rulers of Spain and the most powerful family in Europe.

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