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Teddy

pet form of masc. proper names Edward, Edmund, and Theodore, with -y (3). Meaning "women's undergarment" (with lower-case t-) is recorded from 1924, of unknown origin, perhaps from some fancied resemblance to a teddy bear (q.v.), a theory that dates to 1929. In British slang phrase teddy boy (1954) it is short for Edward, from the preference of such youths for Edwardian styles (1901-10). Teddies (probably from Teddy Roosevelt) was one of the names given to U.S. troops in France in 1917.

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Definitions of Teddy from WordNet

teddy (n.)
plaything consisting of a child's toy bear (usually plush and stuffed with soft materials);
Synonyms: teddy bear
teddy (n.)
a woman's sleeveless undergarment;
Synonyms: chemise / shimmy / shift / slip
From wordnet.princeton.edu