a "bit" cut from a small sized spanish coin ( like 1/2 ,1 or 2 reale most likey -- with 8 reales being a "dollar" those small coins would be equal to 6 1/4 cents --12 1/2 cents and 25 cents in value -- a meal with a beer or two or a bit of wine or room at a boarding inn to sleep indoors for the night ran about 12 1/2 cents each back then )-- folks in those old days often made small change by cutting the coins into small pieces -- a "bit" of silver"small change" worth a few cents at the time is what you've found --way to go.