Bit (currency unit)
Bit ( English "piece") was the name of smaller coins and monetary units, especially in California , the other western states of the USA and on the West Indies . The bit held the longest as the unit of account on the Bahamas island of Rum Cay .
On the so-called Indian border of the United States, the smallest coin was the quarter , a silver coin of 1/4 dollar , which was not called a quarter, but two bits . That is how much the smallest amount payable comprised.
Danish West Indies
Bits were a currency sub- unit in the Danish West Indies from 1905 to 1934 . Here coins had two denominations: Franc / Daler or Bit / Cent in a ratio of 5: 1. One franc was divided into 100 bits. A thaler was worth 500 bits and a cent five bits. The smallest coin had a value of 2½ bits equal to ½ cent. The franc and bit became valid as the unit of account on April 1, 1905. Regardless of the colony's sale to the USA, coins remained the only valid means of payment until July 1, 1934, when they were replaced by the US dollar.
Individual evidence
- ↑ Jørgen Sømod: Coins from the Danish West Indies (Danish) danskmoent.dk, accessed on November 6, 2015.