Somebody who is a complete twat. Most 'two bobs' have a stupid ass dog too, then you have a 'two bob nob and a dog.'
Two bobs are usually located in council estates, they have very low IQ's and have no respect for anybody, or anything. There are rubbish Chav's.
"I say, just look at that geezer sitting at the back of the bus, smoking dope and playing that shit music on his Ipod, he is definitely a Two Bob Nob."