Form Wikipedia: "The United States dairy product known as half and half is a mixture of one part milk to one part cream."
Definitions of cream: http://whatscookingamerica.net/Sauces_Condiments/CreamDefinitions.htm
Half and half can usually be substituted with "Light Cream", "Coffee Cream", or "Table Cream". When I lived in Massachusetts I usually bought light cream for my coffee and it seemed like about the same thing as half and half.
It's a coffee cream of 1/2 cream and 1/2 milk. It's about 10% butterfat/milkfat, so not as thick as cereal cream which is about 18% I think.
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