Green’s Dictionary of Slang

(gay) a gay voyeur, or one who participates in homosexual activity only for money; also attrib.

1970		J.P. Stanley ‘Homosexual Sl.’ in AS XLV:1/2 51: Voyeurism (peer queer).
1977		R. Lloyd Playland 51: You have to look at every aspect of it, from [...] the ‘peer-queer transaction’, where the kids do it for money, and that’s all [...] to those who are gay.