Green’s Dictionary of Slang

rubber n.2

1. [1930s] (US) a cosh.

2. [1930s–40s] (US black) a car; thus on rubber, driving a car.

3. [1930s+] (orig. US, also rubber goods) a contraceptive sheath.

4. [1940s+] a fake or forged cheque; thus drop rubber v., to pass such a cheque.

5. [1970s] (US) a set of tyres.

6. see rubber cheque n.

In compounds

dead rubber (n.)

[2010s] (US) in fig use of sense 3, something worthless.

rubber goods (n.)

see sense 3 above.

rubber shop (n.) [sense 3 above; in a puritan era, such shops were a primary source of contraceptives]

[1930s–50s] a sex shop.

In phrases

burn rubber (v.)

see separate entry.

peel rubber (v.) (also catch rubber, peel, peel off, peel out) [the smoking tyres that accompany acceleration]

[1950s+] to drive a car very fast.

SE in slang uses

In compounds

rubber queen (n.) [SE rubber + -queen sfx]

[1970s+] (orig. gay) a rubber fetishist.

In phrases

where the rubber meets the road (n.)

[1950s] (US) in fig. use, the desired place.