see it. Developed late 16c. from it + 's, gen. or possessive ending, to replace his (which is used throughout the K.J.V.) as the neut. possessive pronoun. Originally written it's, and still deliberately spelled thus by some writers until early 1800s.
O.E. grytt (pl. grytta) "coarse meal, groats, grits," from P.Gmc. *grutja-, from the same root as grit, the two words having influenced one another in sound development. In Amer.Eng., corn-based grits and hominy (q.v.) were used interchangeably in Colonial times. Later, hominy meant whole kernels that had been skinned but not ground, but in the U.S. South, hominy meant skinned kernels that could be ground coarsely to make grits. In New Orleans, whole kernels are big hominy and ground kernels little hominy.
"quarter," 1730, in ref. to the Mexican real, a large coin that was divided into eight bits (cf. piece of eight; see piece); hence two-bit (adj.) "cheap, tawdry," first recorded 1929.