Green’s Dictionary of Slang

a lesbian; also as adj.

1946		K. Fearing Big Clock (2002) 65: She’s a part-time Liz, Steve, did I ever tell you that?
1953		‘William Lee’ Junkie (1966) 28: Another lesbian moved in [...] there was this huge red-haired Lizzie watching me with her cold fish-eyes.
1959		W. Burroughs Naked Lunch (1968) 82: Put in that sex-changed Liz athlete.
1971		F.J. Hardy Outcasts of Foolgarah (1975) 9: She’s a cock teaser from way back, a lizzy-bean if the truth was known.
1978		(con. 1940s) O. Manning Battle Lost and Won 227: To get into Mortimer’s outfit you have to be a lizzie or a drunk or an Irish-woman.
1982		Maledicta VI:1+2 (Summer/Winter) 132: Les and les girls and Iezzie and Liz and Lesbo and Leslie and so on.
1989		H. Rawson Dict. of Invective (1991) 252: A lizzie may also be a female homosexual, but then the term probably comes from lesbian, rather than Elizabeth.