It's from cockney rhyming slang btw.
Cobblers' awls = balls.
Quite a few words we use have ruder meanings if you know their origins, although some are benign. For example barnet, meaning hairstyle, comes from Barnet Fair = hair.
Butchers, meaning to check something out, comes from Butcher's hook = look.
Bottle however, meaning courage or pluck, is from bottle and glass = arse. So if you say someone's lost their bottle, you're suggesting they pooped themselves in fright.
I'm not sure how well travelled even the contractions are outside of London.
Back to weird news (and local "news") it turns out that cats in Wharfedale now have opposable thumbs.
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