The shouting of "pieces of eight" let Jim know that...

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The treasure had been found.
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Dr. Livesey had returned safely.
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Long John Silver was in the block house.

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The shouting of "pieces of eight" let Jim know that Long John Silver was in the block house. This phrase is associated with pirates and treasure, particularly in the context of Treasure Island by Robert Louis Stevenson, where it signifies a connection to the treasure and pirate activities.