What is the meaning of old-fay?

"Old-fay" is not a standard English word or a recognized term. It's possible that it's a misspelling or a regional dialect word.

To understand what you might be referring to, could you please provide more context? For example:

* Where did you encounter this word? (In a book, conversation, online, etc.)

* What was the surrounding sentence or phrase?

* What did you think it meant?

With more information, I might be able to figure out what you're looking for.