In America’s early history, the Spanish 2 Reales silver coin was equal to one-quarter of a Spanish 8 reales silver dollar. Since one real was known as a “bit,” the 2 reales coin was known as “two bits.” When the U.S. Mint was established in 1792, Congress authorized the Mint to strike a silver dollar the same size as the 8 reales coin and a quarter-dollar the same size as the 2 reales coin. As a result, the quarter was equal in value to the 2 reales – and also became known as “two bits.” The quarter continued to be made in silver until 1964, and it was still known as “two bits” even though the Spanish coins had not circulated alongside the U.S. coins for over a century. Meanwhile, Silver Certificate bank notes once circulated alongside other types of currency such as Federal Reserve Notes. Each Silver Certificate was backed by its face value in Silver Dollars or silver bullion in the United States Treasury, and holders of the notes could actually exchange them for the silver. Unlike today’s Federal Reserve Notes that have green Treasury seals and serial numbers, Silver Certificates have distinctive blue Treasury seals and blue serial numbers. This is a rare opportunity to own both items in a single collection – as an example of a silver “two bits” coin and an “eight bits” Silver Certificate bank note.