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Bad Lot

(A). A person of bad moral character, or one commercially unsound. Also a commercial project or stock of worthless value. The allusion is to auctioneering slang, meaning a lot which no one will bid for. So an inefficient soldier is called one of the Queen's bad bargains.

Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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More on Bad Lot from Infoplease:

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