Jollyjack Thread <High Speed>
Alternatively, perhaps it's related to "Jack the Giant Killer," but that's a different name. Another possibility is that "Jolly Jack" could be a nickname from a book or a movie that's not widely known. If not that, maybe it's a misspelling of another term. For example, "Jolly Roger" is the pirate flag, but that's a stretch.
If it's a toy, maybe it's similar to a "Jack-in-the-box," but with a jolly character. Then the thread part could be part of the mechanics, like a string that unwinds. But I'm not sure. Alternatively, maybe it's a type of yo-yo or a spinning top that uses a string. jollyjack thread
Let me check if "Jolly Jack" refers to a toy called "Jack-in-the-box," but no, that's a different concept. Alternatively, "Jack-in-the-pulpit," which is a plant. Doesn't fit either. Alternatively, perhaps it's related to "Jack the Giant