Somebody who is a complete twat, usually wears a track suit & is unemployed. Most 'two bob's' have a stupid ass dog too, then you have a 'two bob nob with a dog.' Mostly located in council estate accomdation, these assholes have very low IQ's and little respect for anyone or anything. They are rubbish Chav's.
"Ooh just look at geezer at the back of the bus smoking dope & playing that shite music on his Ipod, he is definately 'A two bob nob.'