Meaning
BIT, v.t. To put a bridle upon a horse; to put the bit in the mouth.
BIT, pret. and pp. of bite. Seized or wounded by the teeth.
BIT, n. A small piece; a mouthful, or morsel; a bite.
1. A small piece of any substance.
3. A small coin of the West Indies, a half pistareen, about ten cents, or five pence sterling.
4. The point of an auger, or other borer; the bite.
This word is used, like jot and whit, to express the smallest degree; as, he is not a bit wiser or better.