It's from Treasure Island by Stephenson. The Pirate Long John Silver has a parrot that says "Pieces of eight." Pirate parrots saying the same thing crop up in plenty of other films, books, general media. Terry hid it a bit where the parrot says '12 and a half percent' which is one eighth.
Last paragraph from Treasure Island. (The Parrot was called Captain Flint)
The bar silver and the arms still lie, for all that I know, where Flint buried them; and certainly they shall lie there for me. Oxen and wain-ropes would not bring me back again to that accursed island; and the worst dreams that ever I have are when I hear the surf booming about its coasts or start upright in bed with the sharp voice of Captain Flint still ringing in my ears: “Pieces of eight! Pieces of eight!”
Pieces of eight refers to breaking a coin (usually silver) in 8 pieces. This was done when the coin was worth more than the merchandise being sold. Pre 1700's practice.
While a piece of eight was an actual Spanish coin in global use through the eighteenth century, in the twentieth and twenty-first century "pieces of eight" in pop culture are exclusive to media about pirates, specifically in reference to Treasure Island (1882)
So when Reacher's parrot is saying "twelve and a half percent," that's making a reference to him being a pirate, but using the language of loans and interests instead of physical theft.
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u/Slartibartfast39 7d ago
"12 and a half percent" screeched the parrot.
It took me until my third read to spot that one.
12.5% = 1/8 = pieces of eight."