Green’s Dictionary of Slang

1. (US) an attractive, fashionable woman.

1925		T.A. Dorgan in Zwilling TAD Lex. (1993) 35: If dat homely lookin 8 ball takes me sheba to de flex’ dance ah’ll carve ma initials so deep on him you can read ’em from front or back as Pink Marsh said.
1928		R. Fisher Walls Of Jericho 297: He who escorts a homely sheba to a dickty shout brings mud.
1932		J.L. Kuethe ‘Johns Hopkins Jargon’ in AS VII:5 336: sheba—a ‘vamp’; a girl.
1992		(con. 1920) F.M. Davis Livin’ the Blues 48: A boy was a ‘sheik,’ and a girl was a ‘sheba’.

2. (US gay) a homosexual black man [play on queen n.].

1972

B. Rodgers Queens’ Vernacular 63: black man [...] Sheba.