When copper coins or smaller denomination silver wasn't available, coins were cut to make change for small purchases. The practice was common in Europe in the days of hammered silver coinage. The most commonly cut coins in the US are the Spanish Milled Reales. The cross on those coins made cutting much more convenient. The cut pieces were known as "bits", sharp silver and frontier change. Finding cut pieces usually means that significant trade was conducted in the area and the chance of finding more coins is strong. An Oak or Pine Tree Shilling had a value of 12 pence, which would mean that the bits we have found were worth 2-3 pence apiece depending on how much they weighed.