Green’s Dictionary of Slang

1. (US) satisfactory, all right.

1936		San Quentin Bulletin in L.A. Times 6 May 7: PATSY, all right.
1939		Howsley Argot: Dict. of Und. Sl.
1949		Monteleone Criminal Sl. (rev. edn).
1950		Goldin et al. DAUL 153/1: Patsy, a. (Rare) All right; okay; trustworthy.

2. (S.Afr. gay) odd.

2003

K. Cage Gayle 87/1: Patsy adj. and n. • adj. odd [from the Afr. potsierlik] • n. party.