A promissory note or bill issued by the Navy Board instead of cash payment; (also) a promissory note drawn by a naval officer on the Admiralty (formerly the Navy Board).
Origin
Late 17th century.
Definition of navy bill in US English:
navy bill
noun
historical
A promissory note or bill issued by the Navy Board instead of cash payment; (also) a promissory note drawn by a naval officer on the Admiralty (formerly the Navy Board).