/ · 1894 Brewer’s · W · Welsher
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One who lays a bet, but absconds if he loses. It means a Welshman, and is based upon the nursery rhyme, “Taffy was a Welshman, Taffy was a thief.”
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.