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The meaning and origin of the expression: Pony and trap

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Pony and trap

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What's the meaning of the phrase 'Pony and trap'?

Rubbish; nonsense, or 'of poor quality'. Often shortened just to 'pony'.

What's the origin of the phrase 'Pony and trap'?

This is Cockney rhyming slang - pony and trap -> crap.