Daily AncestorBit
A bit was one eighth of a Spanish dollar, a silver real worth 12 1/2 cents; two bits meant a quarter of a dollar.
The Spanish dollar was worth 8 reales, and English speakers called the single real a bit. Short of small change, people also cut dollars into pieces. Once U.S. coins took over there was no coin worth a bit, but two bits, four bits and six bits stayed in speech for 25, 50 and 75 cents.
Local names for the same coin varied. In Pennsylvania, Maryland and Virginia it was called a levy, and New Yorkers called it a shilling.
As seen in a recordCountry store account, 1820s
To 2 qts. molasses ... 3 bits
Sources
How to cite this page
Daily Ancestor. "Bit." Dictionary of Old Record Words. https://dailyancestor.com/dictionary/money-measures/bit. Last checked 2026-10-03.