November 21st, 2010
People are often charged ‘two bits’ for their drinks. How much is this?
Two bits equal twenty five cents. In the old days, there were no dimes, nickels, pennies or quarters. Bits came from cutting up a one dollar coin. The coins were commonly cut into eight wedge shaped pieces. These wedges of a dollar were then used for small change. Each of the eight pieces was worth 12 ½ cents so two bits was worth .25, four bits was .50 and so on. The defacing or damaging of currency is now illegal but back then it would appear that if a dollar belonged to you, it was yours to do with as you pleased!