I asked ChatGPT why a shave and a haircut costs two bits.
The phrase "shave and a haircut, two bits" comes from an old-timey jingle associated with barbershops in the United States. "Two bits" is a colloquial term for 25 cents, as a "bit" was historically equal to an eighth of a dollar or 12.5 cents. The expression dates back to the days when the Spanish dollar was widely used in the U.S., which could be divided into eight smaller silver coins called "reales" or "pieces of eight."
The jingle likely originated in the early 20th century when a shave and a haircut at a barbershop could actually cost around 25 cents. Over time, the phrase became a part of popular culture and has been used in various contexts, such as in songs, movies, and television shows. Today, the expression is often used more for its nostalgic or humorous value, rather than as an accurate reflection of current barbershop prices.