1. [17C–19C] the penis.
2. [mid-17C] a mistress.
3. [mid-17C–19C] the vagina.
4. [early 19C] a prostitute.
5. [early 19C+] a watch; thus toy and tackle, a watch and chain.
6. a woman’s male lover.
7. [1910s+] (US black teen) a gullible person, a fool; a novice.
8. [1980s+] in graffiti, anything or anyone second-rate.
[late 19C] a thief specializing in stealing watches; thus toy-getting n.
SE in slang uses
[1950s+] a young attractive man popular among older, richer women (or homosexual men); thus boy toy, which can mean the same or a young attractive woman, popular among older men.
[1940s] (US black) an officer cadet.