What I might spy with? Nonsense! (2,3)
I believe the answer is:
my eye
'nonsense' is the definition.
(I've seen this before)
'what i might spy with?' is the wordplay.
I cannot really understand how this works, but
'i' could be 'eye' (I've seen this in other clues) and 'eye' is located in the answer.
'spy' could be 'm' ('M' is James Bond's boss) and 'm' is found within the answer.
A single letter 'y' remains which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for my eye that I've seen before include "Nonsense! (slang)" , "With this I can spot" , "bunk?" , "Pupil lies in this" , "Certainly not" .)