A jiffy can mean several different time intervals:

  • A short period of time or a moment. The origin of the word is unknown, but is believed to have first appeared in 1779.
  • In computing, the duration of one tick of the system timer interrupt. Typically, this time is 0.01 seconds.
  • In physics, the time taken for light to travel one centimetre (sometimes one foot, or sometimes the width of a nucleon) - see speed of light
  • In electronics, the time between alternating current power cycles (1/60 or 1/50 of a second) - see alternating current

References: FOLDOC, Jargon File, WhatIs.com