Green’s Dictionary of Slang

cheddar, the n.

[play on cheese, the n.]

a superlative example.

[Aus]Sth Aus. Register (Adelaide, SA) 20 Sept. 3/8: [from Punch, London] And he ne’er dresses well, though he goes the whole hog; / He is then just the cheddar, the cut, cheese, or style,.