Old letter S (4)
I believe the answer is:
ogee
's' is the definition.
(S-shaped architectural feature)
'old letter' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'letter' becomes 'gee' (G**).
'o'+'gee'='OGEE'
(Other definitions for ogee that I've seen before include "Leer" , "architectural feature" , "bit of Gothic architecture?" , "S-shaped line" , "S-shaped curve" .)