Pieces of 8, also known as Spanish dollars, were a type of currency used in the 16th and 17th centuries. The term 'pieces of 8' is derived from the fact that each coin was cut into eight pieces, or 'BITS, ' to make change. The crossword solution ARCS is an acronym for the Latin phrase 'Ana Real de la Casa de Contratacion, ' which translates to 'Royal House of Trade.' This was the name of the Spanish government agency responsible for issuing the coins.