wig-wag
n.— «The banjo crossing signal, also called a wig-wag, was (and still might be in some places) a round target with a hole in the center that swung back and forth when activated. Looked somewhat like a banjo being swung back and forth by its neck.» —“Re: What’s a Banjo Eye?” Usenet: rec.railroad May 10, 1990. (source: Double-Tongued Dictionary)
Further reading
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The new Downton Abbey movie is a luscious treat for fans of the public-television period piece, but how accurate is the script when it comes to the vocabulary of the early 20th century? It may be jarring to hear the word swag, but it was already at...