Green’s Dictionary of Slang

1. the act of loafing, idling; thus (US) loaf-day, a day when no regular work is done.

1855		Whitman Leaves of Grass 39: The farmer stops by the bars, as he walks on a First-day loafe, and looks at the oats and rye .
1860		N.E. Police Gaz. (Boston, MA) 18 Aug. 5/1: Bill J— [...] must be in luck while he is on his loaf, for he has been constantly drunk.
1881		Scribner’s Monthly XXII 217/2: On ‘loaf-days’ the hands occupy themselves with making the neat cans which it is their [...] business to fill [DA].
1890		Dead Bird (Sydney) 28 June 3/1: ‘It will a good opportunity for a quiet loaf and a booze’.
1897		Outing (N.Y.) XXX 374/2: We have [...] the holiday camp, in which a restful loaf is the principal object [DA].
1900		Flynt & Walton Powers That Prey 18: When on the loaf, he sauntered through the street unobtrusively, sometimes greeting his friends and sometimes not, taking in the sights.
1912		Bulletin (Sydney) 22 Aug. 24/1: I rot along from day to day, / Amused to see strong, foolish men / At toil. I’m not inclined that way, / For when I’m old (unless by then / I do a loaf beneath the mould) / I’ll draw my pension – when I’m old!
1922		S. Lewis Babbitt (1974) 203: Well, well, Zil, old dear, having a good loaf while hubby’s away?
1929		K.S. Prichard Coonardoo 272: Sea bathing! Just the thing, a loaf on the sands.

2. one who idles and does not work.

1844

J.C. Neal Peter Ploddy and Other Oddities 178: The very gals bump agin him and say ‘get out of the way, loaf!’.