Green’s Dictionary of Slang

a male homosexual.

1942		Berrey & Van den Bark Amer. Thes. Sl.
1951		D.W. Cory Homosexual in America 112: Most of the words [in Amer. Dict. of Sl.] were of infrequent usage: agfay, lavender boy, mason, nola, queervert.
1972		R.A. Wilson Playboy’s Book of Forbidden Words 15: Afgay New York thieves’ slang for a homosexual.
1979		Maledicta III:2 248: Some US (Pig Latin agfay) and UK (Cockney and camp words such as riah – hair) in words do appear spelled bassackwards.