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High Five
During a celebration people slap hands above each others heads. The five fingers on each hands is where the five comes from. It started in college basketball in the early 1970's.

A site visitor also gave his/her opinion about this idiom:
I am sorry but this term was before the date you said. I can remember the behavior

being used in 1966 in Vietnam, maybe a little before, as early as 1965. Anyway, the first usage

was used as a greeting by the blacks and friends (as I observed at a "Stand Down" after a

battle in the I Drang Valley). At first it was "Give me five", then it was improved, as a club like greeting - hand extended, palm up "Give me five", followed by palm down as a return gesture then one would say, "Return five", " High five, Low five". Then came the behind the back five. So it was "give me five, return 5, high five, low 5, and to be cool was behind the butt, palm up, low 5, for the originator" then "strut" (walk) away. HAHA, no it didn't happen in firefights, just when one would meet. Actually, the "Give me five" was used as a TAG of hello/ thanks, when a medic, any medic, or I would come to help a fallen soldier, when possible. But, I am sure it got its roots in 1965 America and ended up in Vietnam. (NOTE) - I have seen it used as Gimme five/ gimme 10. Gimme 10 is the double handed "Five"