The story
Based on the old monetary bit, which was one eighth of an old Spanish dollar (or 12½ cents in more modern usage).
Etymology from Wiktionary, CC BY-SA 4.0.
two bits
Today it means: Twenty-five cents, or a quarter. Full definition →
Today it means: Twenty-five cents, or a quarter. Full definition →
Based on the old monetary bit, which was one eighth of an old Spanish dollar (or 12½ cents in more modern usage).
Etymology from Wiktionary, CC BY-SA 4.0.