This acronym was originally developed in the town of Melbourne, Australia in mid 2006 as a means of describing a strongly unpleasant, offensive, or undesirable female, or a female displaying qualities considered highly undesirable at a given moment.
The beauty of this term is its adaptable nature, and its subjective application.
Also, this term allows one to use a highly offensive term towards someone, in a fashion that does not sound offensive. To this end it is often found in use in offices, professional environments, and there is also one unsubstantiated account of this term being used in a Supreme Court towards the presiding judge.
"That Candace is a fair-dinkum COAT, isn't she Bryce!"
"I had to get out of the house for a while Brad, the missus is being a COAT..."
"I cant believe you baby; you are really acting like a COAT right now. Pull your head in!"
Her - "Youre such a bastard....just buy me an engagement ring already, it's about time after 4 years together..."
A "no coat" is a young woman, or a group of young women, who are out on a Friday or Saturday night in a large city in the wintertime, without a coat, wearing only skimpy, lightweight tops. Primarily seen in the Northeast of the United States, these girls sacrifice health and comfort so they don't have to carry a coat into cheezy whatever plastic club they are in line to enter. They also tend to come from cities named "Cherry Hill", "Cinnaminson" or "Edison" and perform these freezing rituals in Philadelphia or Manhattan.