Princely payment? (7)

I believe the answer is:

royalty

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'payment?' is the definition.
(royalty is a kind of payment)

I don't understand how the remainder of the clue works.

(Other definitions for royalty that I've seen before include "Majestic quality" , "Sum paid to author for each copy sold" , "Those of the monarchy" , "King or queen's status" , "Sovereign rule" .)

I've seen this clue in The Telegraph.

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