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In 50-60s it was a slang word, meaning any woman who was a student on a predominantly male campus.

The term is almost not used except for in association with porn, it allows someone searching for porn to use a search term that would more likely produce a porn specific result.

For example compare the search results for “cute college girl” vs “cute coed”
Young Horny Coed Engaging In Extremely Wild Fuckfest!
Coed Teen Absolutely Naked In Her Bed Waiting For Someone To Play!
Cute Horny Busty Blonde Coed Getting Slammed On The Massage Table!
coed by dildo777 April 6, 2021
Coed is short for coeducational. This means, both men and women can play on the same team.
Coeducation is the integrated education of men and women at the same school facilities; co-ed is a shortened adjectival form of co-educational.

"Coed" is an informal (and increasingly archaic) term for a female student attending such a college or university. Before the 1960's, most institutions of higher education restricted their enrollment to a single sex.
Some coeducational sports are:
Indoor Soccer, Volleyball, Floor Hockey, Street Hockey, Broomball, Flag Football, Trench, Ultimate Frisbee, Badminton and Doubles Tennis (Teams may consist of two players of the same sex, or one of each sex).
Coed by Braulio Pereira Filho July 28, 2008
Related Words
The condition of being awesome. So close to perfection it sometimes results in sweating awesomeness.
I wish I was like that guy hes really coed up.
coed up by coedup October 12, 2010

coed cae 

The Ghetto of Wales. Lots of people wear Umbro branded clothes and hang out in Bus Stops. The King Pin of the Coed Cae is Mark Smith and is not to be messed with, he will burn your house down without a doubt.
Hayden: Coming over my house Ryan?

Ryan: Don't you live in the Coed Cae?

Hayden: Yeah, Why?

Ryan: I'm not stepping foot in that shitty Ghetto, so called, town!
A place or situation that is open to both male and female sexes.
Co-ed dormatory, co-ed lockerroom, co-ed swimming pool, etc...
co-ed by Bomni February 10, 2005

co-ed twister 

the game of playing twister in large gatherings with both sexes; an amazing party theme; game with excuses for feeling up random sexy people in the area
-let's go play twister.
-no way, how -bout co-ed twister?
co-ed twister by charlatte March 3, 2007

Co-ed dormitory 

a dormitory that is for both male and female residents, not separated.
i live in a co-ed dormitory, there are boys and girls on my floor living next door to each other.
Co-ed dormitory by Johnna Moore November 21, 2007