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One of the most popular meanings of the term is that it means "nonsense"
This meaning can be traced back to Mr. Hiram Codd, who was in born in Suffolk (England) in the 1830's.
In the 1870s, he designed and patented a glass bottle that held a glass marble in its neck,
which the pressure by the gas in the fizzy drink forced it against a rubber washer.
As beer was often called "Wallop" in those days, The British beer Drinkers of the times
preferring only the taste of alcohol would often mock and sneer, at Codd's fizzy drinks referring to them as Codd's Wallop.
The term was coined to mean something that's was nonsense or rubbish.
Some say the word can't be traced back past the 1960's