Green’s Dictionary of Slang

(US gay) a wealthy (older) male homosexual.

1965

A. James America’s Homosexual Underground 29: In this rarified area, johns are not johns but cuff link faggots or queens, an expression derived from their tendency to wear extravagant looking jewelry. They are also called ‘finger bowl faggots.’ [Ibid.] 31: The emphasis on youth is the prime characteristic of the ‘finger bowl set.’.