What would be a quick way to approximately determine the value of
$$\prod_{n=1}^\infty\left(1-\frac{1}{2^n}\right)=\phi\left(\frac{1}{2}\right) , $$
where $\phi(q)$ is the Euler function? By approximating, I mean determine the first few digits of the result starting from the product representation without additional knowledge of other properties of $\phi(q)$.
For instance, my non-programmable CASIO fx-991ES calculator comes with a summation function $\sum_n$, but no multiplication function $\prod_n$, so assuming that I have access to this low complexity piece of equipment, I got an approximation as
$$\begin{align}\prod_{n=1}^\infty\left(1-\frac{1}{2^n}\right) &= \exp\left(\ln\left(\prod_{n=1}^\infty\left(1-\frac{1}{2^n}\right)\right)\right)\\ &\approx\exp\left(\sum_{n=1}^{100}\ln\left(1-\frac{1}{2^n}\right)\right)\\ &=0.2887880951\end{align}$$ by doing a finite sum and exponentiating the result instead. Curiously, all of the digits are correct, so maybe summing even fewer terms would be sufficient to get just a few digits right.
But what if all I have is paper and pen? Is there a way to get a good approximation in a few lines?
A quadratic convergence formula is given by the pentagonal number theorem $$\prod_{n=1}^\infty(1-x^n)=\sum_{n=-\infty}^\infty(-1)^n x^{n(3n-1)/2}=1+\sum_{n=1}^\infty(-1)^n(1+x^n)x^{n(3n-1)/2}.$$ The summation (at $x=1/2$) over $1\leqslant n\leqslant 10$ already gives over $50$ correct digits.