86 Definition
(informal) To throw out; discard.
(informal) To deny service.
Origin of 86
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Other more elaborate theories include Delmonico’s Restaurant in New York City, as item #86 on their menu, their house steak, the famous Delmonico steak, is supposed to have run out often in the 19th century. Another theory is that this term came from the New York speakeasy Chumley’s, which was a hotspot in the 1920s. Chumley’s is hidden inside a west village building which has two entrances, a well set back main entrance on Barrow Street and an obscure back-door exit on 86 Bedford Street. When police were sighted approaching the main entrance, the barkeeps yelled ‘86 it’ to hide the liquor and signal the patrons to quickly exit the back door.
From Wiktionary
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Unknown. The OED suggests possible rhyming slang for nix.
From Wiktionary