Green’s Dictionary of Slang

smile n.2

1. the gap of bare flesh between a stocking and a suspender belt.

[UK]Partridge DSUE (8th edn) 1096/2: [...] c. 1910–50.

2. bare flesh appearing between the top of a skirt or pair of trousers and the shirt, blouse etc.

[UK]Partridge DSUE (8th edn) 1096/2: [...] since ca. 1950.