Meaning of short bit in English:

short bit

noun

dialect US
  • A unit of monetary value equal to ten cents (now historical).

    The precise value of a bit is one-eighth of a dollar or twelve and a half cents. Because there has never been a U.S. coin worth exactly this amount, in transactions involving a sum of one bit it was customary to accept amounts of slightly greater or smaller value than this.

Origin

Mid 19th century; earliest use found in New Albany (Indiana) Daily Ledger.