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crazy or hysterical.

a "bob" was a shilling in Australia before 1966 when the country changed to decimal currency. The two shilling coin was replaced by the 20 cent piece. A watch which cost only two bob is likely to be unreliable .
He was carrying on like a two bob watch
by KLM13 October 24, 2018
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You can tell by the way she walks, she got that WAP.

You can look at her face and tell she ain't got that WAP.
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Australian slang.
Two bob was once known as two cents in currency, and a watch is an instrument to measure time .
In todays terms ,together they form " a 2 cent watch" .
Would you buy a watch for 2 cents ? and how good would you expect it to perform?. probably very erratically.
Hence the ocker term "as mad as a two bob watch"

related - also see Shithouse Rat and cut snake.
Laurie says " keep an eye on Wade "
scott inquired " why"?
dan says " he's as mad as a two bob watch" !!
by wackyv8 June 17, 2008
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