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Short for gollywog, a doll collection given away after x number of tokens from the side of jam jars were sent away. Purchasing one jar a week, it took several years to amass the entire collection. These dolls were outlawed after they were claimed to be politically incorrect, although dolls are worth £50 ($80) each.
I found an ancient collection of gollies last year.
golly by Kung-Fu Jesus April 17, 2004
Acronym for "Grinning Out Loud Like a Yeti" Most commonly used in extremely hilarious chat situations.
Bob: "Did you hear the tiger got out of his cage at the zoo and ate the panda?"
Theresa: "nope"
Bob: "Yeah, it also mauled a few beer snobs on the way"
Theresa: "golly"
golly by MrKaj February 17, 2010
To finally spit a substance culminated and harvested in the chest/lung region.
Can refer to the actual spit or the process of "Hock-ing" it up and out.
"See that huge golly I just did?"
"I need to golly."
"I need to do a golly."
"I got a fat golly in my mouth."
golly by Diego June 29, 2003
"Holy god" equals "God holy", and the contraction god + holy produces "golly".

That's it: "golly" is a contraction of those two words. Hence, it literally means "Holy god".
(doing mountain climbing for the very first time) Golly, I'm scared!
(watching puppies playing) Golly, this is too cute to watch!
golly by Sampayu June 17, 2020
As gay as possible, but still heterosexual, like wearing wings and a g-string to a victoria's secret convention, and your a male
My friends and I were participating in a golly good time of all male swimming in tight nut-huggers, yet we are all straight
Golly by James Eugene Miller February 16, 2009
A slang word that can be used in place of "jelly" or "hole".
"Whoa, that guy has a huge buttgolly."
"This donut has a delicious golly filling."
golly by Mrs. Phyllis Torgo May 13, 2005