The story
From ponce (“kept man; pimp; effeminate man; homosexual man”) + -y (suffix forming adjectives meaning ‘having the quality of’).
First known use, by meaning
- from 19th c. Intended to impress others, particularly in an excessively refined or ostentatious manner; affected, pretentious.
- from 19th c. Chiefly of a male person: effeminate; gay, homosexual.
Etymology from Wiktionary, CC BY-SA 4.0.