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Americans do love to divide into powers of two (½, ¼, and ⅛) rather then tenths. If anything they would be more likely to issue an eighth dollar as they phase out the penny, the nickle and the dime. And you would see prizes such as 4 dollar and ⅜ cents (and they would probably write it as $4–¢⅜).

EDIT: And petrol stations would display the prices in sixteenths, but charge a sixteenth more.

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The 1/8 dollar was a feature of the old Spanish dollar (hence the term "pieces of eight", the eight pieces being known as "bits" -- "two bits" is then a quarter), which is where the Americans got it in the first place. In fact, up to 2001 American stock exchanges expressed prices in 1/8 and 1/16 dollar increments (apparently 1/16 was only introduced at the NYSE in 1997).

Amazing, I had no idea. This was only meant as a stab at Americans and their love for their love for inches. Here is a wikipedia article about bits.

https://en.wikipedia.org/wiki/Bit_%28money%29

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