What does the cryptic crossword clue "Fancy pants in use, old (8)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Fancy pants in use, old (8)

Telegraph Prize Cryptic #3135 | 11 Across | 2021-11-21 flower

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