Swashbuckling plays, full of fighting and adventure. Comes from the Spanish comedias de capa y espada "comedies of cloak and sword" as typified by the Spanish dramatists Lope de Vega and Calderon.
The earliest use of the phrase in English appeared in Charles Dickens' 'Barnaby Rudge', published in 1841. As pointed out above, the words had appeared earlier in Spanish - and also in French as 'de cape et �p�e' - meaning 'cape and sword'. The words refer to stories/plays in which the main characters were the sort of people to wear/carry such things...spies, secret agents etc.
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