Green’s Dictionary of Slang

two-bob bit n.

also two-bob bits
[rhy. sl.]

1. an act of defecation [= shit n. (1)].

[UK]B. Kirkpatrick Wicked Cockney Rhy. Sl.
[UK]B. Dark Dirty Cockney Rhy. Sl.

2. diarrhoea [= shits, the n.].

[UK]R. Puxley Cockney Rabbit.

3. breasts [= tit n.2 (1)].

[UK]B. Dark Dirty Cockney Rhy. Sl. 101: two-bob bits tits.

4. a contemptible person [= shit n. (2a)].

[UK]Guardian Rev. 28 Apr. 12: Don’t mac me off like a two-bob.