dated 75 cents (0.75 US dollars). A "bit" was a former unit of currency equal to one-eighth of a dollar, used until the US adopted decimal currency in 1794. The term survived into the 20th century, especially in reference to 25 cents ("two bits"). Primarily heard in US. For six bits more, you can have breakfast brought to your room in the morning. Back in my day, you could get a full square meal for just six bits!