Green’s Dictionary of Slang

toy n.1

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.

In compounds

toy-getter (n.)

[late 19C] a thief specializing in stealing watches; thus toy-getting n.

SE in slang uses

In compounds

toy boy (n.) (also boy toy) [i.e. his role as a plaything]

[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.

toy soldier (n.) [derisive use of SE]

[1940s] (US black) an officer cadet.