Two Bits

I went to a garage sale the other day and found a small green planter on the "make an offer" table.  I hate making offers and negotiating, but I thought $1 (here called a looney) would do.  As I was walking up to the guy, he said "ah, 2 bits will be fine."  At first I thought he meant 50 cents, then I thought maybe 2 dollars, but I wasn't quite sure.  He must have noticed a slight confusion on my face & noticed I must not be from around here.  

Turns out that 2 bits means 25 cents.  I ended up with a pretty good deal & learned a new term.