Two Bits and a Buzzard Dollar ~ D.K. Deters

 As a writer with an interest in historical coins, I’ve always enjoyed the stories behind them. Since my work in progress (WIP) is set in 1881, I’m excited to share some intriguing trivia from the 19^th century about the Seated Liberty quarter and the Morgan silver dollar.

You’ve probably read a Western scene that goes something like this:

“What do I owe ya?” The gunslinger reached into his pocket.

“That’ll be two bits,” the barber said.

But what’s the story behind this simple phrase? The term “two bits” originated from cutting a Spanish silver dollar into eight equal parts called “bits” to make smaller change. So, when the barber in the scene asks for two bits, he’s referring to a quarter.

You’ll still hear this colloquial expression today. My dad used it often, but it didn’t make sense until I delved into its historical context many years later.

By the way, a short bit is a dime. The short bit is less than a bit, which is 12 ½ cents.

To put this in perspective, the 1873 purchasing power of $0.25 is about $6.62 today, according to the CPI Inflation Calculator.

Image credit: National Numismatic Collection, National Museum of American History

Items folks might buy with a quarter from the 1870 Catalogue of Goods:

Sugar per pound    $0.10                    Flour per pound               $0.04

Rice per pound      $0.05                   Coffee per pound              $0.12

Butter per pound   $0.15                    Molasses gallon               $0.15

Personally, I think the Morgan silver dollar is the prettiest coin of all time, but I digress.

George T. Morgan designed the Morgan silver dollar. Lady Liberty is on the obverse. It’s interesting to note that the model, Anna Willess Williams, was a Philadelphia school teacher and philosophical writer. Although she’s given credit for being the model, some speculation remains. Read more about her at:

http://www.acoincollection.com/anna-willess-williams-the-silver-dollar-girl/.

On the reverse, you’ll see a thin eagle with outstretched wings. Many cowboys thought the eagle looked “scrawny” and called it the buzzard dollar. I’ll be using the phrase “buzzard dollar” in my WIP.

The 1887 purchasing power of $1.00 is a whopping $33.22 today, according to the CPI Inflation Calculator.

Here are other items folks might buy from the 1870 Catalogue of Goods:

1 silk parasol                        $1.00

1 lantern                                $1.00

7 yards blue denim               $1.00

6 pairs men’s cotton socks   $1.00

6 pairs Army wool socks      $1.00

3 yards plain cashmere         $1.00

We could only hope to buy three yards of cashmere for $1.00 today.