Bits (Money)

Date: 02/26/2001 at 17:58:32
From: privers
Subject: Money

In the cheer:  Two bits, four bits, six bits, a dollar
               All for (school)
               Stand up and holler!

what are bits?

Date: 02/27/2001 at 10:15:44
From: Doctor Roy
Subject: Re: Money

Hello,

Thanks for writing to Dr. Math.

In the old days, a Spanish doubloon was worth enough so that people 
would often split it up into 8 pieces, called bits or pieces of 8.  

Similarly, the cheer refers to dividing a dollar up into 8 pieces, or 
bits.  So, 2 bits would be 25 cents, and 4 bits would be 50 cents.  

I hope this helps.

- Doctor Roy, The Math Forum
  http://mathforum.org/dr.math/