Bit, n.
1. A part of anything, such as may be bitten off or taken into the mouth; a morsel; a bite. Hence: A small piece of anything; a little; a mite.
2. Somewhat; something, but not very great.
My young companion was a bit of a poet. --T. Hook.
Note: ☞ This word is used, also, like jot and whit, to express the smallest degree; as, he is not a bit wiser.
3. A tool for boring, of various forms and sizes, usually turned by means of a brace or bitstock. See Bitstock.
4. The part of a key which enters the lock and acts upon the bolt and tumblers.
5. The cutting iron of a plane.
6. In the Southern and Southwestern States, a small silver coin (as the real) formerly current; commonly, one worth about 12 1/2 cents; also, the sum of 12 1/2 cents.
Bit my bit, piecemeal.