What is the origin of the idiom "pay too dearly for one's whistle" and when to use it?

The idiom "pay too dearly for one's whistle" is believed to have originated in England in the 17th century. The phrase comes from a story about a boy who spends all of his money on a whistle, only to realize that he has paid too much for something that has little value. Today, the idiom is commonly used to describe a situation where someone has paid a high price or made a significant sacrifice for something that is ultimately of little value or benefit.