jollybag Share definition Flag Slang word for condom. originated around the 80`s. A bag that is put over your penis, that you have fun with. Hence - a jolly bag! "Oooh, Norman, I feel like a bunk up. Have you got any jollybags on you?" jollybag by Sugarman May 19, 2005 0 0 Get merch Get the jollybag mug. Buy Now — $32.95 See more merch