gouge bit

From The Collaborative International Dictionary of English v.0.48:

Gouge \Gouge\, n. [F. gouge. LL. gubia, guvia, gulbia, gulvia,
   gulvium; cf. Bisc. gubia bow, gubioa throat.]
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   1. A chisel, with a hollow or semicylindrical blade, for
      scooping or cutting holes, channels, or grooves, in wood,
      stone, etc.; a similar instrument, with curved edge, for
      turning wood.
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   2. A bookbinder's tool for blind tooling or gilding, having a
      face which forms a curve.
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   3. An incising tool which cuts forms or blanks for gloves,
      envelopes, etc. from leather, paper, etc. --Knight.
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   4. (Mining) Soft material lying between the wall of a vein
      and the solid vein. --Raymond.
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   5. The act of scooping out with a gouge, or as with a gouge;
      a groove or cavity scooped out, as with a gouge.
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   6. Imposition; cheat; fraud; also, an impostor; a cheat; a
      trickish person. [Slang, U. S.]
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   Gouge bit, a boring bit, shaped like a gouge.
      [1913 Webster]
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