Source : Webster's Revised Unabridged Dictionary (1913)

Bit \Bit\, n. [OE. bite, AS. bita, fr. b[=i]tan to bite; akin to
   D. beet, G. bissen bit, morsel, Icel. biti. See {Bite}, v.,
   and cf. {Bit} part of a bridle.]
   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. --Knight.

   5. The cutting iron of a plane. --Knight.

   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. --Pope.