Green’s Dictionary of Slang

1. (also limp-dicked) inadequate, weak.

1983		R. Price Breaks 196: I called myself every limp-dick name I could think of.
1989		Hackworth & Sherman About Face (1991) 231: After forty days in this limp-dick outfit I’m convinced you could not run a good Boy Scout troop.
1997–2000		College Sl. Research Project (Cal. State Poly. Uni., Pomona) 🌐 LDS {vulgar} (noun) When a guy gets dumped on his ass by a girl; hangs around after words have flown; tries to get back together with her or another girl right away and can’t be a single; is trying to get a date. (It stands for limp dick syndrome.).
2015		Guardian 25 Aug. 🌐 Who are these people? Well, in general, they are limp-dick – as we say in Scotland, bawbags – who hide behind the anonymity.
2019		D. Winslow Border [ebook] [I]f the weaklings who own the bus company are too limp-dicked to do it, she will do it for them.
2021		J. Ellroy Widespread Panic 3: Sorry’s for limp-dick losers.

2. (US Und.) money that has been gained through crime and cannot be used openly.

2002		Simon & Burns ‘Game Day’ Wire ser. 1 ep. 9 [TV script] It’s all limp-dick [...] vial money. Thirty bills right off the corner.
2008		Simon & Burns ‘Transitions’ Wire ser. 5 ep. 4 [TV script] Levy excels in putting our limp-dick money to work.