According to wikipedia:
"The song was originally about the repeal of Prohibition, but the lyrics were changed at the urgings of Valli and lyricist Parker. The song became a nostalgic remembrance of a young man's "first time" with a woman. In the Broadway play Jersey Boys, the song accompanied the Bob Gaudio character being set up with a prostitute by the other Four Seasons, in order to lose his virginity."
According to wikipedia: "The song was originally about the repeal of Prohibition, but the lyrics were changed at the urgings of Valli and lyricist Parker. The song became a nostalgic remembrance of a young man's "first time" with a woman. In the Broadway play Jersey Boys, the song accompanied the Bob Gaudio character being set up with a prostitute by the other Four Seasons, in order to lose his virginity."
The scene was rather funny in Jersey Boys.