Green’s Dictionary of Slang

merchandise n.

[euph.]

1. [late 17C; 1950s+] women as sex objects.

2. [1900s] (US) constr. with the, the real thing, the ideal thing, the ideal person.

3. [1920s+] contraband liquor.

4. [1930s+] (drugs) drugs.

5. [1970s+] a man, often a male prostitute, as a sex object.