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Varsity jacket 

Hip jacket, typically with white leather sleeves and two knitted stripes. Was particulary popular with Afro-Americans in the 1970's.
Guy: Hey Liz! Whaddya think of my new varsity jacket?

Girl: Hot, Reymond! Suits your 'swag' well.

Me: *cough* exciting.
Varsity jacket by Grijze Pilion November 3, 2012