Somewhat off-topic but not really:

I conducted an internet search to find out what "bit" means in the context of money.

The 6th definition for "bit" as found on http://www.answers.com/topic/bit is "Informal. An amount equal to one eighth of a dollar: two bits."

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See this discussion about the source of the term "two bits":

"Does anyone know where the expression "two bit" meaning a quarter comes from?

Best Answer - Chosen by Asker; From dollhaus
In the early days of the US, there was not enough US coinage to go around. Foreign coins were used, one of the most common being the Spanish Real (Spanish dollar), equal to $1US. To get small change, this coin was often cut into 8 pieces like a pizza. Cutting into 10 would fit the US system better, but there was no easy way to get 10 equal pieces - but easy to cut into fourths and then eighths.

Each 1/8 of a Spanish dollar was called a bit and was equal to 12-1/2 cents. Two of them equaled 25 cents - or a quarter.
So two bits has been a quarter since the early days of the US"

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Here's another response to that question from that same article:

"It's a saying from the 1930's. "Shave and a haircut two bits" .
Earlier it was of Spanish origin. They had coins called bits and two bits were 25 cents."
-Debra B

http://answers.yahoo.com/question/index?qid=20070515190053AA9cr0H

-snip-

I had forgotten about that "Shave and a haircut two bits" line until I read it in that response. The "shave and a haircut two bits" refers to a pattin juba rhythmic pattern that has became known as the Bo Diddley beat. But, still, I think that line merits inclusion on this thread since, in this context, "bits" means money.