Green’s Dictionary of Slang

macaroni n.2

[rhy. sl.]

1. (Aus.) a pony.

[UK]‘Ducange Anglicus’ Vulgar Tongue.
[UK]Hotten Sl. Dict.
[UK]Sl. Dict.
[Aus]Baker Aus. Lang.

2. £25; (Aus.) A$25 [= pony n. (1b)].

[UK]Hotten Dict. of Modern Sl. etc.
[UK]Hotten Sl. Dict.
[UK]J. Franklyn Dict. of Rhy. Sl.
[UK]J. Jones Rhy. Cockney Sl.
[Aus]R. Aven-Bray Ridgey-Didge Oz Jack Lang 36: Macaroni Pony, twenty five dollars.
[UK]R. Puxley Cockney Rabbit.
[UK]B. Kirkpatrick Wicked Cockney Rhy. Sl.

3. a piece of human excrement; thus the act of defecation [pony (and trap) n. (1)].

[UK] in J. McVicar McVicar by Himself in DSUE (1984).