threepenny bit /ˈθɹʌpəni bɪt/ noun2 •(historical) A former (pre-decimalisation) British or Irish coin worth three old pennies.All day long he worked, cutting out pennies and shillings and half-crowns and threepenny-bits. — 1934 •(slang) A woman's breast; a tit.All these skinny modern chicks with their perky threepenny bits do nothing for me. — 1983 formsthreepenny bits · threepenny-bits