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A seldom used Irish and UK phrase for leaving the tea bag in the cup when you make a cup of tea. reason for calling it Hobbit tea is cause it is Baggins (bag in) tea.
Jay - "Ally would you like a cup of tea"

Ally - "Yup, make it Hobbit tea"

Jay - "What now?"

Ally - "With the bag in, get it?"

Jay - "Ahhh Baggins, I get it, funny"
by JayoTeaGuy January 09, 2012