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1.
Items in your possession acquired after a one night stand.
person 1: whose are these glasses?
person 2: just my shag swag
by larryloving1234 June 12, 2012
 
2.
A non-descript token gift given by an important person (or self-important a-hole) to another in recognition of sexual favor and or time spent together.
Didjya hear Derek Jeter gave out shag swag to his one-night stands?
by keyline October 21, 2014