What is a sharp constant?

The term sharp means we can find a best bound, that cannot be improved by a better number. I.e., to say a function is bounded is to say there exists an $M$ such that $|f(x)|\le M$. To say a particular number is sharp, say $|f(x)|\le 3$, means that there is no number smaller than 3 we could put there and have it be true.