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The Collaborative International Dictionary
Modesty piece

Modesty \Mod"es*ty\, n. [L. modestia: cf. F. modestie. See Modest.]

  1. The quality or state of being modest; that lowly temper which accompanies a moderate estimate of one's own worth and importance; absence of self-assertion, arrogance, and presumption; humility respecting one's own merit.

  2. Natural delicacy or shame regarding personal charms and the sexual relation; purity of thought and manners; due regard for propriety in speech or action.

    Her blush is guiltiness, not modesty.
    --Shak.

    Modesty piece, a narrow piece of lace worn by women over the bosom. [Obs.]
    --Addison.

    Syn: Bashfulness; humility; diffidence; shyness. See Bashfulness, and Humility.

Wiktionary
modesty piece

n. (context historical English) A narrow piece of lace worn by women over the bosom.