Etymology
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flip (v.)

1590s "to fillip, to toss with the thumb," imitative, or perhaps a thinned form of flap, or else a contraction of fillip (q.v.), which also is held to be imitative. Meaning "toss as though with the thumb" is from 1610s. Meaning "to flip a coin" (to decide something) is by 1879. Sense of "get excited" is first recorded 1950; flip (one's) lid "lose one's head, go wild" is from 1949, American English; variant flip (one's) wig attested by 1952, but the image turns up earlier in popular record reviews ["Talking Boogie. Not quite as wig-flipping as reverse side--but a wig-flipper" Billboard, Sept. 17, 1949]. Related: Flipped. Flipping (adj.) as euphemism for fucking is British slang first recorded 1911 in D.H. Lawrence. Flip side (of a gramophone record) is by 1949.

flip (adj.)

"talkative and disrespectfully smart," see flippant.

flip (n.1)

1690s, "a flick, a snap;" see flip (v.). In reference to an overturning of the body, probably short for flip-flap (see flip-flop) "somersault in which the performer throws himself over on hands and feet alternately," 1670s, originally a move in (male) dancing.

flip (n.2)

sailors' hot drink usually containing beer, brandy and sugar, 1690s, from flip (v.); so called from notion of it being "whipped up" or beaten.

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Definitions of flip
1
flip (v.)
lightly throw to see which side comes up;
I don't know what to do--I may as well flip a coin!
Synonyms: toss
flip (v.)
cause to go on or to be engaged or set in operation;
Synonyms: throw / switch
flip (v.)
look through a book or other written material;
Synonyms: flick / thumb / riffle / leaf / riff
flip (v.)
toss with a sharp movement so as to cause to turn over in the air;
Synonyms: twitch
flip (v.)
cause to move with a flick;
Synonyms: flick
flip (v.)
throw or toss with a light motion;
flip me the beachball
Synonyms: toss / sky / pitch
flip (v.)
move with a flick or light motion;
flip (v.)
turn upside down, or throw so as to reverse;
flip over the pork chop
Synonyms: flip over / turn over
flip (v.)
react in an excited, delighted, or surprised way;
he flipped when he heard that he was accepted into Princeton University
Synonyms: flip out
flip (v.)
go mad, go crazy;
He flipped when he heard that he was being laid off
Synonyms: flip out
flip (v.)
reverse (a direction, attitude, or course of action);
2
flip (n.)
an acrobatic feat in which the feet roll over the head (either forward or backward) and return;
Synonyms: somersault / somerset / summersault / summerset / somersaulting
flip (n.)
hot or cold alcoholic mixed drink containing a beaten egg;
flip (n.)
a sudden, quick movement;
with a flip of the wrist
the fish flipped over
flip (n.)
the act of flipping a coin;
Synonyms: toss
flip (n.)
a dive in which the diver somersaults before entering the water;
flip (n.)
(sports) the act of throwing the ball to another member of your team;
Synonyms: pass / toss
3
flip (adj.)
marked by casual disrespect;
a flip answer to serious question
Synonyms: impudent / insolent / snotty-nosed
From wordnet.princeton.edu