A watch fob. He drew a rare thimble from the swell’s pit. He took a handsome watch from the gentleman’s fob.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
See also the definition in Nathan Bailey's 1736 dictionary of canting and thieving slang.
Pissing Pins and Needles * Pit-1Nathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes