"Dibs" is an old call from school playground days where you would call "I bags dibs on that XXXXX" where XXXX was the latest new thing someone came to school with and everyone else felt that they needed it.
It was usually the richest kid in school who bought the XXXX and the other kids knew he would tire of in within days an would unload it for a fraction of the original price.
Therefore, the first kid to call out "I bags dibs on that XXXX" was, by an unspoken rule of agreements between as yet pubescent gentlemen, the first one entitled to front up with a suitable trade, e.g. a bag of marbles, a supershot shanghai (catapult) or his left kidney (depending on the rarity of the XXXX and the desire of the dibber.
This of course is an Australian (South Aus) version of dibs from the 1950s and may bear no reality to the current enviroment in which we all find ourselves.
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