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Slang terms for money often derive from the appearance and features of banknotes or coins, their values, historical associations or the units of currency concerned. Within a language community, some of the slang terms vary in social, ethnic, economic, and geographic strata but others have become the dominant way of referring to the currency and are regarded as mainstream, acceptable language ...
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$ 1 ⁄ 8 or 1 silver real was 1 "bit". [1] [2] With the adoption of the decimal U.S. currency in 1794, there was no longer a U.S. coin worth $ 1 ⁄ 8, but "two bits" remained in the language with the meaning of $ 1 ⁄ 4. Because there was no 1-bit coin, a dime (10¢) was sometimes called a short bit and 15¢ a long bit.
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The earliest recorded occurrence of the word as slang for money appears to have been in the late 19th century in the United States. The New Oxford Dictionary of English marks the origin as US slang. However, according to the Cassell Dictionary of Slang, [4] the term can be traced back to the mid-19th century in England. Other sources also ...
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