Persons who practice the fraud of dropping a ring or other article, and picking it up before the person intended to be defrauded, they pretend that the thing is very valuable to induce their gull to lend them money, or to purchase the article. See Fawny Rig, and MONEY DROPPERS.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Dropping Member * To Drop DownNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes