Green’s Dictionary of Slang

1. the act of begging; also attrib.

1893		Sun (NY) 21 May 28/1: ‘If you do go, get in on the panhandle’.
1906		S. Ford Shorty McCabe 119: It was a hard-luck symposium, of course; but there was more to it than just a panhandle touch.
1942		Berrey & Van den Bark Amer. Thes. Sl.

2. an erect penis [resemblance].

1997

Roger’s Profanisaurus in Viz 87 Dec. n.p.: pan handle UK euph. Erect penis; wood; a bonk on.