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Jay
(A). A wanton.
“This jay of Italy ... hath betrayed him.” —Shakespeare: Othello, v. 2.
Jay
A plunger; one who spends his money recklessly; a simpleton.
This is simply the letter J, the initial letter of Juggins, who, in
1887, made a fool of himself by losses on the turf.
Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894 More on Jay from Infoplease:
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