Green’s Dictionary of Slang

1. a shoe.

1938

L. Ortzen Down Donkey Row 11: Five to twoes – Shoes.

2. (also five by two) a Jew.

1914		letter in Sporting Times 12 Dec. 7/1: Such ‘back talk’ as ‘north and south (mouth), pig’s ear (beer), Scotch peg (leg), bees and honey (money), frog and toad (road), 5 to 2 (Jew) etc.
1932		‘P.P.’ Rhy. Sl. 9: .The ‘gooseberry’s’ gone to the ‘5 to 2’ for some ‘bees and honey’ ’cos the ‘Gawd forbids’ ain’t got no ‘Tommy Tucker’.
1938		Williamstown Chron. (Vic.) 12 Nov. 3/3: If I get my suit out of ‘Moscow’ (pawn) and the five-to-twos (Jews) listen to my tale of woe, I’ll be there.
1941		G. Kersh They Die with Their Boots Clean 40: ‘Look — a Five.’ A Five is a Five-to-Two, or Jew.
1957		G. Kersh Fowlers End (2001) 240: Call it Daniels Copper Enterprises! It sounds like metal, and it looks like a five-to-two. I mean, a Jew.
1960		J. Franklyn Dict. of Rhy. Sl.
1972		Dodson & Saczek Dict. of Cockney Rhy. Sl.
1984		Partridge DSUE (8th edn) 398: since ca. 1925.
1998		R. Puxley Fresh Rabbit.