Green’s Dictionary of Slang

1. (Aus.) a cheap cigar [abbr. old pickled bumpers].

1900–10		Stephens & O’Brien Materials for a Dict. of Aus. Sl. [unpub. ms.] 31: ‘O.P.B.’ ‘old pickled bumpers’ has a limited use, applied to cheap cigars etc.
1941		Baker Popular Dict. Aus. Sl.

2. (US black) a hypothetical brand of cigarette; used by one who rarely purchases their own [abbr. other people’s brand].

1984

Partridge DSUE (8th edn) 815: since ca. 1910.