An Indian copper coin, the fortieth part of a rupee. Hence the expression “Not worth a dam”; similarly “not worth a farthing,” “not worth a rap” (q.v.); “not worth a sou,” “not worth a stiver,” etc.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.