And for those that don't know why... In the really olden days of the republic ... Spanish coinage includes 'pieces of eight' . This term mover over to US coins when we came up with the Dollar. The Dollar equated to the Piece of Eight and 1/8 of the dollar being 12 1/2 cents or 2 bits being 25 cents.
No. It doesn't make any sense unless you have a system based on Base 8!
Now you know why the Federal Reserve took over!