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TeachMeFinance.com - explain Short bit historic definition... Short bit -- A term used in the Southern and Western states, meaning 10 cents. It is derived from the old Spanish real which used to circulate in those states and was called a bit and was worth nominally 12.5 cents. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.