Tosser

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A tosser is a British, Irish and Australian slang term for a disliked or incompetent person generally synonymous with wanker.

The literal meaning of the word tosser once meant a heavy drinker and would be similar in use to "tosspot". Today, however, the word has been taken up by the younger generation to describe a stupid person as a wanker — a tosser — i.e someone who masturbates. (Cfr. "to toss off".)

A Tosser was someone who was liberal with there money. somone who would throw there money around as if it were paper. To the disgust of the poor folk who called them a tosser, for tossing there money away.