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To make ducks and drakes: a school-boy’s amusement, practised with pieces of tile, oyster-shells, or flattish stones, which being skimmed along the surface of a pond, or still river, rebound many times. To make ducks and drakes of one’s money; to throw it idly away.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Duck * Duck F-ck-rNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes
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Francis Grose was independently wealthy, having inherited money from his father, a jeweller. Finding himself overspending, he published a number of books; his Provincial Glossary seems to have been the starting-point for the Vulgar Tongue reproduced here.