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5 Drill Bits You Need and 1 That's a Waste of MoneyTwitch Bits to USD Conversion. Bits, Dollars. 1, $ , $ , $ , $ In the US, the bit is equal to 12+1?2?. In the U.S., the "bit" as a designation for money dates from the colonial period, when the most common unit of currency. So mathematically, it is cents. The American Heritage dictionary, lists a bit as 1/8 of a dollar. Now you probably ask �Why would they do.