Meaning

noun valuable goods

noun goods or money obtained illegally

noun a bundle containing the personal belongings of a swagman

originFrom Middle English *swaggen, swagen, swoggen, probably from Old Norse sveggja (“to swing, sway”), from Proto-Germanic *swinganą (“to swing”). Compare dialectal Norwegian svaga (“to sway, swing, stagger”).

Etymology from Wiktionary, CC BY-SA 3.0