1. [mid-19C+] to extract money from a wallet surreptitiously.
2. [1960s+] (US Und.) to break into a safe.
3. [1980s] (also peel a can) to drink.
4. [2000s] to rob someone of their valuables.
5. see peel rubber under rubber n.2
SE in slang uses
1. [mid-16C] with a shaven head.
2. [19C+] naked.
3. [2000s] (S.Afr. gay) circumcised.
[1940s–50s] (US) a striptease or burlesque artist.
[20C+] (Ulster) anything easy or simple.
[1920s+] (W.I.) bald, esp. as a description of certain species of chickens or vultures.
see sense 3 above.
[1940s] (US black) to seduce an attractive, light-skinned woman.
[1980s+] (US black/teen) to attack violently; to kill.
[mid-19C] (US) to run at full speed.
see peel rubber under rubber n.2
[1990s+] (W.I./UK black teen) to hand out money.
[late 19C–1910s] to enter a woman’s vagina.
see under rubber n.2
[1930s] (US) to beat someone up.
[2000s] (US black) to beat up, to harm badly.
[1990s+] to masturbate.
[mid-19C] in boxing, to draw blood.