Green’s Dictionary of Slang

limber dick n.

[SE limber + dick n.1 (5); his penis is presumed no longer capable of erection]

(Aus. prison) an old prisoner.

[Aus]Tupper & Wortley Aus. Prison Sl. Gloss. 🌐 Limber dick. An old prisoner.

In derivatives

limber-dicked (adj.)

(US black) impotent.

[US]A. Sample (con. mid-1930s-early 1940s) Racehoss 45: ‘I’m so Gotdam tired uv screwin all them old limber-dicked, ’lapidated bastards’.