Sounds like "cunny" = "cunt".

Responding to your edit:

> EDIT: Thanks, all who responded. I wouldn't have made the connection although I am quite familiar with the 'vulgar' word in question. The phonetic similarity sounds farfetched to me, one ends with a hard consonant, the other with a vowel sound.

It's not that "coney" sounds like "cunt". It doesn't. It's that it sounds like "cunny", which is a diminutive form of "cunt". Just like "Annie" is a diminutive form of "Anne", or "kitty" is a diminutive form of "cat".

Oh I wasn't comparing coney and cunt. To me even cunny and cunt seems quite far apart, admittedly not familiar with the diminutive or adjective form. Thanks all for the education in the colorful English vernacular (I mean that with sincerity, I can well imagine getting into a tough spot by dropping the word 'coney')

I thought it is the adjective form, but diminutive sounds also ok.

The adjective non-diminutive would retain the t

Female genitalia, along the lines of Shakespeare's "Country matters".

Once I realised this, Blur’s ”Country House” took on a whole new meaning …

There's an underground Australian Northern Territory campaign which was rather amusing:

CU in the [state initials].

(Absolutely no worse than the FCUK clothing label, which I just find annoyingly lame - at least it was funny.)