Rubbish seems a bit strong! A quick internet search will confirm that is an Americanism and still known as such. Earliest citations of usage in the 2000's so probably in spoken English earlier. I was wrong to say decade clearly it is more like two. Fag always meant a cigarette (outside of Public schools that is) and faggot (apart from a bundle of wood for some residual rustic types) was a savoury meat ball especially in the North - I am sure that John Hobson can confirm this. This is still current. Of course there were other words with the same connotation.