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The Collaborative International Dictionary
pod bit

Pod \Pod\, n. [Probably akin to pudding, and perhaps the same word as pad a cushion; cf. also Dan. pude pillow, cushion, and also E. cod a husk, pod.]

  1. A bag; a pouch. [Obs. or Prov. Eng.]
    --Tusser.

  2. (Bot.) A capsule of plant, especially a legume; a dry dehiscent fruit. See Illust. of Angiospermous.

  3. (Zo["o]l.) A considerable number of animals closely clustered together; -- said of seals.

    Pod auger, or pod bit, an auger or bit the channel of which is straight instead of twisted.

Wiktionary
pod bit

n. A bit whose channel is straight instead of twisted.