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Cockney slang. Two bob means two bob bit (tit). This roughly means dont treat me like a tit or I'll punch your face in!
'You call that a tit? I'll show you a tit!' he yelled, throwing a punch.
She grabbed her tit and screamed, 'This is not a tit! This is a masterpiece!'
He said, 'Don't treat me like a tit, or I'll make you my tit.'