He was supposed to have slept with a prostitute. This works as a good guilt trip thanks to our culture of sexual shame. Doc Watson does a a cover of it where he sings as a man. Part of the beauty of the song that it works both ways.
I would venture that he changed some words to reflect a male narrator because he was male, and had no intent beyond that to change the meaning or to make the song’s story actually apply to a male. Probably just liked the tune.