1. noun
a) Any of several small breeds of horse under 14.2 hands.
Demon popped into his mouth a last morsel of black bread with elastic samlet, gulped down a last pony of vodka and took his place at the table with Marina facing him across its oblong length.
b) A small serving of an alcoholic beverage.
2. verb
To lead (a horse) from another horse.
3. adjective
Of little worth.
Wikipedia foundation.