The word "Nancy-boy" is a postwar term for a homosexual male. It is a softer word than faggot, queer, or dick-smoker. "Nancy-boy" is synonymous with "that way," meaning light-in-the-loafers, but harmless and not at all threatening or predatory.

Phrase used to identify a Gay male (homosexual), typically inferring that they are overly effeminate/weak and is generally used as an insult.

an effeminate man; what gay men were called back in the days when gay meant happy

a feminine gay dude

a nancy boy can cover three different people but the top one is the most important term.

1. a very feminised man (the original meaning)
2. but today it's used as a term for a gay guy too.
3. it can also be used to describe a boy on the transition to a girl.

it's most used by the British and the phrase most likely originated from either Manchester or Liverpool.

effete male - metro-sexual

n. referred to by George Orwell in his Book "Down and Out in Paris and London.
Early 20th century men, usually androgynous and well dressed that frequent trampish parts of London with a suggested tendency to homosexuality, though not explicitly pronounced.