Green’s Dictionary of Slang

1. a general term of abuse, implying stupidity, boorishness, a lack of sophistication.

1935		D. Parker ‘The Waltz’ in Parker (1943) 95: Ow! Get off my instep, you hulking peasant!
1949		‘Swasarnt Nerf’ et al. Gay Girl’s Guide 13: peasant: Term of contempt used by the elegant, or others jokingly affecting elegance, for those socially beneath them.
1953		R. Chandler Long Good-Bye 251: Out of my way, peasant. I got business here.
1957		F. King Man on Rock 220: He’s a peasant dumb-ox.
1960		G. Swarthout Where the Boys Are 93: To discourage the peasants, beer was a dollar per bottle.
1971		M. Novotny Kings Road 98: I’ve never visited any one on the other side of the park [...] Still, peasants have to go somewhere I suppose.
1981		C. Hope Separate Development 156: Koosie [...] accelerated past the Chev. ‘Peasants,’ he yelled, ‘old women!’ The two men in the Chev watched us go by with grave interest and did not return the two fingers Koosie flashed in passing.
1986		F. Taylor Auf Wiedersehen Pet Two 63: What are you peasants doin’ on my property?
2001		D. Looser Boobslang [U. Canterbury D.Phil. thesis] 137/2: peasant n. 1 an inmate who is gullible, an easy mark, easily conned 2 = seagull. 3 an inmate who has not spent much time in prison and therefore occupies a low position within the prison social hierarchy.

2. (UK/US Und.) one who (foolishly) works for a living, an honest citizen.

1950		Goldin et al. DAUL 154/1: Peasant. (Broadway and general underworld) Anyone who works for a living; an honest citizen.
1961		T. Taylor Baron’s Court All Change (2011) 10: [H]is very square D.B. suit. Peasant’s variety.

3. (US gay) a heterosexual male.

1966		Trimble 5000 Adult Sex Words and Phrases.
1972		B. Rodgers Queens’ Vernacular.