Sorry Richie - wasn't attempting to respond to your original query - just pointing out that the verse quoted was a contemporary song based on the Reynardine genre - nothing to do with this.
As far as the 'virginity' suggestion goes, it seems incredibly far-fetched to me - I can't recall loss of virginity being punished by capital punishment - Magdalene Laundries maybe.
In folklore, gold, sometimes in the form of a golden ball, is indicative of the immature flaunting of wealth, particularly by royalty.
According to Bettelheim, the ball represents the princess' "undeveloped narcissistic psyche, it contains all potentials, none yet realized." He believe it also symbolizes perfection as a sphere and as the precious metal, gold (Bettelheim 1975).
Take your pick
Jim Carroll