Webster's Revised Unabridged Dictionary · 1913

Dipsey

Dipsey , adjective

Deep-sea; as, a dipsey line; a dipsy lead. [Sailor's Cant]

Also: Dipsy, Dipsie

Dipsey , noun

1.
A sinker attached to a fishing line; also, a line having several branches, each with such a sinker, used in deep-sea fishing. [Local, United States]
2.
(Nautical) A deep-sea lead. [Rare]

Also: Dipsy, Dipsie