The term BIT OF OLD GOLD can be solved by the five-letter word DUCAT. A ducat is a gold coin that was used as currency in Europe from the Middle Ages until the early 20th century. It was first issued in Venice in 1284 and was widely used throughout Europe, especially in the Netherlands and Germany. The ducat was also used in the Ottoman Empire and in Russia. The ducat was made of gold and had a value of 3.5 grams of gold.