The Cloud Concise Dictionary of Sparkling and Strange Words presents;
1.The action or habit of estimating something as worthless.
2.The classification of something as being small or insignificant.
“Action or habit of estimating as worthless,” 1741, a combination of four Latin words (flocci, nauci, nihili, pilifi) all signifying “at a small price” or “at little value,” which were listed together in a rule of the well-known Eton Latin Grammar. The kind of jocular formation that was possible among educated men in Britain in those days. Just so, as in praesenti, the opening words of mnemonic lines on conjugation in Lilley’s 16c. Latin grammar, could stand alone as late as 19c. and be understood to mean “rudiments of Latin.”