Green’s Dictionary of Slang

1. to charge, to extract money; the inference is of cheating.

1908

K. McGaffey Sorrows of a Show Girl Ch. v: I had on a modest little frock that had only lanced me about three hundred. [Ibid.] You are not going to lance me for any more just because I’ve got a bundle.

2. of a man, to have sexual intercourse; often ext., e.g. lance with one’s pork sword v.; thus lancing n.

1970		P. Runkel Law Unto Themselves 151: I went over and started to bend down to get between her legs for the lancing.
1972		B. Rodgers Queens’ Vernacular 90: to fuck hard and fast [...] lance it in (kwn LA, early ’60s, fr sl lance = cock).
1993		B. Moore Lex. of Cadet Lang. 207: lance with one’s beef bayonet to engage in sexual intercourse, to fuck. [...] lance with one’s pork sword to engage in sexual intercourse, to fuck.