Green’s Dictionary of Slang

velvet n.

1. [late 17C–19C] the tongue.

2. [late 19C+] in fig. use, gain, profit, winnings; money [see Asbury, Sucker’s Progress (1938) 17: An extraordinary number of the terms, technical and otherwise, which were employed by Faro players in the palmy days of the game have passed into the language [...] Velvet — The bank’s money].

3. [1950s] (Aus./N.Z.) any dark-skinned woman; thus a bit of velvet [abbr. black velvet under black adj.].

4. [1980s] the female pubic hair.

5. see black velvet under black adj.

In compounds

velvet train (n.)

[1910s] (US tramp) .

In phrases

on velvet (adj.) (also on the velvet)

[late 18C+] secure, cheerful, enjoying a life without problems.

stand on velvet (v.)

1. [mid-19C–1920s] to be in a financially advantageous position, esp. following successful gambling.

2. in weak use of sense, to be in an advantageous position.

tap the velvet (v.)

[mid-19C] to talk in an affected manner.

to the velvet

lit. or fig., in profit.

velvet-lined meat grinder (n.) (also velvet cone)

[1940s–70s] (US) the vagina.

wallow in velvet (v.)

to be wealthy.