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1 definition found From The Jargon File (version 4.4.7, 29 Dec 2003) [jargon]: quarter n. Two bits. This in turn comes from the ?pieces of eight? famed in pirate movies ? Spanish silver crowns that could be broken into eight pie-slice-shaped ?bits? to make change. Early in American history the Spanish coin was considered equal to a dollar, so each of these ?bits? was considered worth 12.5 cents. Syn. tayste, crumb, quad. Usage: rare. General discussion of such terms is under nybble.