Trinidad Soca Monarchs JW and Blaze coined the derived term ’
palancing’’. Although claimed as theirs, formed by simply removing the ’R’’ from the word ’parlance’’. The term is ’Jack
Palancing’’ which is a linguistic device known as rhyming slangs (later to be called Cockney rhyming slangs). These rhyming slangs, peculiar to most languages were slangs in which words were replaced by a word or phrase with which they rhymed. Another form of rhyming slangs was called
reduplication as in such terms as ’
hoity toity’’, ’
namby pamby’’, ’nitty gritty’’, ’itsy bitsy’’ etc.
The term ’Jack Palancing’’ simply means dancing. Its origin may be more Irish than Cockney. As a matter of fact, one well-known Cockney rhyming slang is ’donkey’s ears’’ meaning ’years’’.
Reference: "Origin of 'palance'". Trindad Express, Feb. 16, 2010.