Green’s Dictionary of Slang

(a) a prostitute.

1705–07

N. Ward Hudibras Redivivus II:3 16: A Princess next to her dear Bully / Mov’d most Majestically slowly; / [...] / She stretch’d her self most wond’rous wide, / To show what Room there was between / Those Legs, where many a Spark had been].

(b) (gay) an effeminate and relatively youthful male homosexual or lesbian.

[1728		J. Dalton Narrative of Street-Robberies 37: One Oviat [...] and another Molly, a Butcher of Butcher-Row, near Temple-Bar, stood as Bridesmaids, and that Oviat went by the Name of Miss Kitten, the Butcher by the Name of the Princess Saraphina].
1931–4		J.T. Farrell ‘Just Boys’ in Short Stories (1937) 88: The Princess was in his thirties, a coal black, corpulent, perspiring Negro [...] wearing a trailing green formal dress and artificial breasts.
1965		Guild Dict. Homosexual Terms 37: princess (n.): A very young homosexual.
1977		P. Hamill Flesh and Blood (1978) 26: You mean he’s the boss fag [...] Pimp of all pimps, princess of the fuck boys.
1979		Maledicta III:2 220: Princess (younger than a queen) is camp, and jailbait and forbidden fruit are hardly applicable in countries where the age of consent is very low.
1988		J. McDonald Dict. of Obscenity etc.
2003		K. Cage Gayle.
2012		(con. early 1960s) E. White in N.Y. Rev. Bks 25 Oct. 🌐 Because I’d hung out in Chicago’s gay coffee shops [...] I knew that someone who liked well-hung men was ‘a size queen,’ just as someone with a small penis was ‘Princess Pencil Meat’.
2021		J. Ellroy Widespread Panic 4: Confidential labeled him ‘the Lavender Lilliputian’ and ‘Princess Tiny Meat’.

(c) (gay) as princess of the Nile, a black homosexual or lesbian.

1972

B. Rodgers Queens’ Vernacular.

(d) in sadomasochism, a submissive.

a.1989

Corporal 10 in Murray & Murrell Lang. Sadomasochism (1989) 109: Dominant [...] seeks beautiful, naughty Princess for loving relationship, incorporating sensible, erotic spanking.