A worn-out wig; also a big cauliflower wig, worn out or not. It has been suggested that the word is from the proper name, but nothing whatever is known about such a person.
“People scarce could decide on its phiz,
Which looked wisest—the caxon or jowl.
Peter Pindar: The Portfolio.
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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.