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Two bits is slang for 25 cents. So one bit would be 12.5 cents.
The name dates from the period when Spanish coins circulated widely in the American colonies. The most popular coin was the 8-reales piece; each 1-reale unit became popularly known as a "bit". When the US dollar was created its value was set approximately equal to the 8-reales coin, and a denomination of 25¢, rather than the decimal standard 20¢, was created for compatibility when making change. Thus 1/4 of a US dollar was the same as 1/4 of an 8-reales piece, or 2 bits.
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