Bogus currency. Forged or sham bills. Bogus transactions. Fraudulent transactions. The word is by some connected with bogie.
Lowell (Biglow Papers) says, “I more than suspect the word to be a corruption of the French bagasse.”
In French argot is another word (bogue), the find of a green chestnut, or case of a watch; a bogus chestnut or watch.
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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.