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Synonymous to classy. From an early bicyle [manufacturing] company named Schwank. These were upscale bicycles around the 1940's. [Expensive], flashy, and painted bright red with white lettering of the word "schwank". those lucky children who could afford these bikes were known as schwanks. The noun [eventually] transcended to become a verb when people began comparing something classy to Schwank bikes; schwanky.
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