It is a lunfardismo. I added a source to the definitions already given. In the 1930's the snobbish people in Buenos Aires was fashion using a sack ( 41 jacket; fabric pictures with pitucones ( patches ) at the elbows, although it was clear that the sleeves weren't broken. By this feature began to call them " pitucos " ( was prissy people, usually of high class, with modal affected ) and the word was still used after disappearing patched elbows fashion.
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