Synonymous to classy. From an early bicyle manufacturing company named Schwank. These were upscale bicycles around the 1940's. Expensive, flashy, and painted bright red with white lettering of the word "schwank". those lucky children who could afford these bikes were known as schwanks. The noun eventually transcended to become a verb when people began comparing something classy to Schwank bikes; schwanky.
by Ryan C. Martin May 06, 2007