Why are U.S. stock prices quoted in eighths?

In the eighteenth century, the U.S. dollar's value was pegged to the value of the Spanish silver dollar, which was divided into eight parts rather than the 100 parts (pennies) into which the dollar was divided.

When the U.S. stock market opened at the end of the century, prices were based on the Spanish dollar, and they were divided into eighths accordingly. The practice has remained until today, but now the U.S. stock market is finally preparing to switch to a decimal system.

Buying and selling stocks is a complex, risky art, and the rules change as the world becomes ever more connected.