Coin Terminology and Glossary
The Coin Collecting Dictionary includes 546 titles used widely in the coin
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Bit
- Explanation: Slang used to indicate one eighth of a dollar. In early days of this country's history the Spanish Milled Dollar (pillar dollar or 8 reales) circulated. Due to a shortage of smaller coins these silver dollars were often cut into pieces shaped like slices of pizza. A small piece equal to one eighth of the dollar was called a 'piece of eight' or a 'bit'. The nursery rime 'two bits, four bits, 6 bits, a dollar' comes from this time in history. Example, two bits = two eighths or a quarter
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