You have three children but only one apple, and you want a fair coin to decide who gets it, with each child equally likely. A single coin gives only two outcomes, so how do you split the apple three ways?
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#Make four equal outcomes
One toss gives two outcomes, but a pair of tosses gives four equally likely ones, HH, HT, TH, and TT. Hand three of them to the three children, one apiece, and set the fourth aside.
#Discard and re-toss
When TT comes up, ignore it and toss the pair again. Conditioned on stopping, each of HH, HT, and TH is equally likely, so every child receives the apple with probability
#A biased coin for two
The same discard trick even tames a biased coin. For two children, toss the coin in pairs and read HT for one child and TH for the other, throwing away HH and TT. Both mixed pairs carry the same probability whatever the bias, so each child wins exactly half the time.
#Read it off
Toss twice, give HH, HT, and TH to the three children, and re-toss on TT. The discard restores perfect thirds from a coin that can only ever speak in halves.