noun, plural lollies.
British Informal.
a piece of candy, especially hard candy.
a treat.
a small bribe or gratuity.
do one's lolly, Australian Slang. to lose one's temper.

1765–75; shortening of lollypop Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
lolly (ˈlɒlɪ)
n , pl -lies
1.  an informal word for lollipop
2.  (Brit) short for ice lolly
3.  (Brit), (Austral), (NZ) a slang word for money
4.  informal (Austral), (NZ) a sweet, esp a boiled one
5.  informal (Austral) do the lolly, do one's lolly to lose one's temper
[shortened from lollipop]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1854, short for lollipop. In 20c. British slang, also "money."
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
But the market is shrinking as fast as an iced lolly on a hot day.
Old stone masonry piers have been used for foundations of north and center lolly columns.
When formed in salt water, it is known as lolly ice.
Lolly pursued engineering because she wanted to have a positive influence on the built environment.
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