Source : Webster's Revised Unabridged Dictionary (1913)

Loving cup \Lov"ing cup`\
   A large ornamental drinking vessel having two or more
   handles, intended to pass from hand to hand, as at a banquet.

Source : WordNet®

loving cup
     n 1: a large drinking vessel (usually with two handles) that
          people drink out of in turn at a banquet
     2: a large metal vessel with two handles that is awarded as a
        trophy to the winner of a competition; "the school kept
        the cups is a special glass case" [syn: {cup}]