One of the mysteries of the English language finally explained.
Originally: a market for the sale of old clothes, held at Houndsditch in London; the name of the district occupied by this market (now historical). In later use (without capital initials): any such market.
Early 18th century; earliest use found in Thomas Baker. From rag + fair.
Rag Fair/ˈraɡ fɛː/
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