early 15c. (in reference to the penis), from wrinkle (n.) + -y (2). As teen slang noun for "old person," from 1972 ("old" being relative; a British reference from 1982 applies it to people in their 40s).
Entries linking to wrinkly
wrinkle n.
"fold or crease in the extenal body," late 14c.; in cloth or clothing from early 15c., probably from wrinkle (v.). Meaning "defect, problem" first recorded 1640s; that of "idea, device, notion" (especially a new one) is from 1817.
-y 2
adjective suffix, "full of or characterized by," from Old English -ig, from Proto-Germanic *-iga- (source also of Dutch, Danish, German -ig, Gothic -egs), from PIE -(i)ko-, adjectival suffix, cognate with elements in Greek -ikos, Latin -icus (see -ic). Originally added to nouns in Old English; used from 13c. with verbs, and by 15c. even with other adjectives (for example crispy). Adjectives such as hugy, vasty are artificial words that exist for the sake of poetical metrics.