I would have thought 'fag end' was a relatively modern word. However, I've just seen it in my wonderful book from 1688, "Epistolae Ho Elianae Familiar Letters Domestic and Forren" (previous post)
A quick search reveals:
| n. | 1. | An end of poorer quality, or in a spoiled condition, as the coarser end of a web of cloth, the untwisted end of a rope, etc. |
| 2. | The refuse or meaner part of anything.
The fag-end of business.
- Collier.
|
And it turns out to have been in use for around 400 years:
Origin:
1605–15
http://dictionary.reference.com/browse/fag+end
And fag is a corruption of flag:
(If that's too small to read, here's the link)






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