With reference to Coney Island, Brooklyn NY. As the area is populated generally by freaks and weirdo's , this term refers to a person who is not of the norm.
Someone who gets hit with a cone (will mcneely) and has to get staples in their head, therefore rendering him completely useless the rest of his or her life.
That coney has his address at 535 flowing springs trail, roswell georgia 30075
An alternate, furrier, version of the word cunny, meaning vagina. This word is a pun - "coney" in British English means "rabbit", but sounds like "cunny", and so it makes an excellent word for furry snatch.