Green’s Dictionary of Slang

1. a euph. for fuck v. in various senses; also as n. and fuck! excl. (1)

1917		Union Jack 5 May 17: Flip!
1956		‘Charles Raven’ Und. Nights 18: Flip you, you flipper. [Ibid.] 23: So different from the Flip-you-Jack attitude of many of the buyers.
1991		F. Mac Anna Last of the High Kings 54: ‘Aw, flip it,’ Dawn said.
1996		(con. 1970) G. Moxley Danti-Dan in McGuinness Dazzling Dark (1996) I iii: Flip’s sake, Cactus, what are you doing?
1996		S. Bell If... 20 May in If Files (1997) 79: Blinking Flip!
1999		D. Healy Sudden Times 75: Flip me.
2011		Independent 2 June 24/4: Flip me, Bruce. Have you heard the news?

2. (US) used literally, to have sexual intercourse.

1959

‘Monroe Fry’ Sex, Vice & Business 51: .] [I]t don't seem to matter to [men] if they pin your ears back with big business deals they put over or just bragging about the women they flipped’.