Bingo, give that man a cigar. :redthumb:
In colonial times, riverboat men were the most notorious about fabricating phony coins, they had a lot of idle time on their hands going down river and put it to counterfeiting.
Pieces of eight (Spanish dollar was legal tender long after we became the USA) was one coin they especially favored to work their tricks upon. They would often cut the center out of the coin and then plug the hole with German nickel silver. (which contains no silver at all) Merchants and citizens in the settlements soon caught on and would bounce the coins on a rock, stones hearths or any solid hard surface before accepting them. Real silver coins gave off a distinctive ring, if it was phony, it landed with a thud. The cry would go up, it don't ring true and ain't worth a plugged nickel.
The Spanish dollars were often cut up into 8 (pieces of eight) equal parts to make change, the resulting terminology is still in usage today. 25 cents is two bits, 50 cents is four bits and seventy five cents is six bits.