giff·gaff I. \ˈgifˌgaf\noun (-s) Etymology: probably by alteration & reduplication from give (I) 1.dialect Britain: mutual assistance : fair exchange — often used in proverbs < giffgaff makes good fellowship > 2.dialect Britain: exchange of words : banter, repartee < the swift giffgaff that Kate and her lads were used to maintain — Neil Munro > II. intransitive verb (-ed/-ing/-s) : to bandy words : banter