Usually means: British twelve-sided three-pence coin.
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We found 8 dictionaries that define the word threepenny bit:

General (7 matching dictionaries)
  1. threepenny bit: Longman Dictionary of Contemporary English
  2. threepenny bit: Oxford Learner's Dictionaries
  3. threepenny bit: Collins English Dictionary
  4. threepenny-bit: Wordnik
  5. threepenny-bit, threepenny bit: Wiktionary
  6. threepenny bit: TheFreeDictionary.com

Slang (1 matching dictionary)
  1. threepenny bit: Urban Dictionary

Definitions from Wiktionary (threepenny bit)

noun:  (historical) Former (pre-decimalisation) British and Irish coins worth three old pennies.
noun:  (Cockney rhyming slang) A woman's breast; a tit.

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