<P> The word bit is a colloquial expression referring to specific coins in various coinages throughout the world . </P> <P> In the United States, the bit is equal to one eighth of a dollar or ​ 12 ⁄ cents . In the U.S., the "bit" as a designation for money dates from the colonial period, when the most common unit of currency used was the Spanish dollar, also known as "piece of eight", which was worth 8 Spanish silver reales . One eighth of a dollar or one silver real was one "bit". </P>

One for the and two for the money