Green’s Dictionary of Slang

safe n.

1. (US) a condom [SE safe adj.].

in M.W. Hill Sisters’ Keepers 236: [advert] French Imported Male Safes—A Perfect Shield Against Disease or Conception, Made of both Skin & India Rubber.
[US]Nat. Police Gaz. 26 Sept. n.p.: [advert] Genuine French photographs [...] Red-hot, in sets of three [...] Rubber safes for gentlemen $5 per dozen .
[US] in G. Legman Limerick (1953) 288: With a safe for protection / He’d get an erection, / And then balance himself on his prick.
[US] in G. Legman Limerick (1953) 231: A fellow who slept with a whore / Used a safe, but his pecker got sore.
[US]G. Metalious Peyton Place (1959) 207: ‘Smart guy,’ she was hissing at him [...] ‘So smart he doesn’t even know to wear a safe.’.
[US]Realist June n.p.: A man slimeys up the counter. ‘Three Rameses please [...] Don’t tell me they have a tax on safes now?’ ‘No, the price has gone up — $2.50 for three.’.
[US](con. 1950s) H. Junker ‘The Fifties’ in Eisen Age of Rock 2 (1970) 102: A circular bulge (rubber, safe, skin) [...] etched itself into his wallet.
[UK]J. Morton Lowspeak.
[US]G. Carlin GeorgeCarlin.com 🌐 Condom: safe.
[US]G. Pelecanos (con. 1972) What It Was 98: That boy’s gonna shoot while she’s fittin the safe on his pecker.

2. (US prison) as a container [the image of the SE safe, into which things can be placed for security].

(a) the anus.

[US]Bentley & Corbett Prison Sl. 62: The Safe The anus.
[NZ]D. Looser Boobslang [U. Canterbury D.Phil. thesis] 158/1: safe n. the rectum.

(b) the vagina, when used for hiding contraband.

[US]Other Side of the Wall: Prisoner’s Dict. July 🌐 Safe: Women prisoners may hide contraband in the ‘safe’ (vagina).

SE in slang uses

In phrases

safe-and-loft man (n.)

(US Und.) a thief who specializes in breaking into and stealing from stores, factories etc.

[US]Q. Reynolds Police Headquarters (1956) 230: There is in the underworld a certain cachet in being known as a safe-and-loft man.