This section is from the book "Facts Worth Knowing", by Robert Kemp Philip. Also available from Amazon: Inquire Within for Anything You Want to Know.
Speculation is a noisy round game, at which several may play, using a complete pack of cards, bearing the same import as at whis, with fish or counters, on which such a value is fixed as the company may agree. The highest trump in each deal wins the pool; and whenever it happens that not one is dealt, then the company poo] again, and the event is decided by the succeeding coup. After determining the deal, etc., the dealer pools six fish, and every other player four; then three cards are given to each, by one at a time, and another turned up for trump. The cards are not to be looked at except in this manner: the eldest hand shows the uppermost card, which, if a trump, the company may speculate on, or bid for - the highest bidder buying and paying for it, provided the price offered be approved of by the seller. After this is settled, if the first card does not prove a trump, then the next eldest is to show the uppermost card, and so on - the company speculating as they please, till all are discovered, when the possessor of the highest trump, whether by purchase or otherwise, gains the pool. To play at speculation well, a recollection only is requisite of what superior cards of that particular suit have appeared in the preceding deals, and calculating the probability of the trump offered proving the highest in the deal then undetermined.
 
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