Green’s Dictionary of Slang

jubilee n.

[coined by the Sporting Times at the time of Queen Victoria’s Golden Jubilee (1887) + a play on the ‘arse-end’ of the century]

the buttocks, the posterior.

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[UK]Bird o’ Freedom in Barrère & Leland Sl., Jargon and Cant I 509/1: Young Savile Civility had bought the thing the day before, a beastly toy, made to look like a penny roll, with a mouse on a wire spring inside. The laugh was all on his side till he felt his daddy’s old slipper beating on his jubilee with the rhythmic precision of the waves upon the wild sea-shore.