related O.E. words
bite "act of biting," and
bita "piece bitten off," are probably the source of the modern words meaning "boring-piece of a drill" (1594), "mouthpiece of a horse's bridle" (c.1340), and "a piece bitten off, morsel" (c.1000). All from P.Gmc.
*biton, from PIE base
*bheid- "to split" (see
fissure). Meaning "small piece, fragment" is from 1606. Theatrical
bit part is from 1926. Money sense in
two bits, six bits, etc. is originally from Southern U.S. and West Indies, in ref. to silver wedges cut or stamped from Sp. dollars (later Mexican
reals); transferred to "eighth of a dollar."