"object used in a play," 1911, from props (1841), shortened form of properties (in theatrical use from early 15c.). Props as slang shortening for proper respects (or something similar) appeared c.1999.
n. evidence of respect; one's proper respect. : You gotta give me my props.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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