How much was 2 bits in the Old West?

Excuse me, could you elaborate on what exactly you mean by "2 bits" in the context of the Old West? Was this a term used for a specific monetary denomination, or did it hold some other significance? Additionally, is there a particular time period or region you're referring to when discussing the Old West, as this could impact the value of "2 bits" during that era? I'm curious to learn more about this historical currency reference and its relevance to the Old West.